AEW Heritage

What AEW Heritage does

AEW Heritage (legally AEW Patrimoine, previously known as AEW Ciloger) is a Paris-headquartered Société de gestion de portefeuille immobilier founded in 1988, operating as the French retail public-fund arm of the global AEW group. The firm manages a diversified portfolio of regulated real estate investment vehicles — primarily SCPI (Société Civile de Placement Immobilier) and OPCI (Organisme de Placement Collectif Immobilier) — across commercial, residential, healthcare, and more recently data centre real estate, with €8.5 billion in public-fund AUM, 25 public funds, and 120,000 SCPI shareholders as of end-2022.

The product lineup is broad: commercial SCPIs include AEW PARIS COMMERCES (€585.33M cap, 4.28% TDVM 2025), AEW PATRIMOINE SANTE (€847.91M, 4.32%), FRUCTIPIERRE (€702.6M, 4.94%), LAFFITTE PIERRE (€828.74M, 5.30%), IMMO EVOLUTIF (€310.01M, 6.28%), AEW COMMERCES EUROPE, AEW DIVERSIFICATION ALLEMAGNE (100% German, 5.41%), and AEW OPPORTUNITES EUROPE (4.20%); residential SCPIs span Ciloger Habitat 1–6, Fructiresidence variants, and Fructiresidence BBC; OPCI vehicles include FRANCEUROPE IMMO ISR and IMMO DIVERSIFICATION ISR; SCI Support UC products (SCI ASSUR IMMEUBLE, SCI FRUCTIFONCIER) serve insurance unit-linked wrappers.

AEW generates revenue primarily through management fees on AUM across its SCPI and OPCI vehicles. Distribution is conducted exclusively through financial intermediaries — specifically the three core banking partners Groupe Banque Populaire, Groupe Caisse d'Epargne, and Groupe La Banque Postale — together with independent wealth advisors (CGP), reaching individual investors, institutional investors, and insurance companies. The company is operating actively, with recent expansion into German data centre assets (February 2026 Nuremberg acquisition from AVENTOS) signalling continued geographic and asset-class diversification.

Name

AEW Heritage

Legal name

AEW Patrimoine

Website

https://aewciloger.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

101–250 employees

Short description

AEW Heritage (AEW Patrimoine) is a Paris-based French real estate investment manager operating SCPI, OPCI, and SCI vehicles across commercial, residential, healthcare, and data centre real estate, with €8.5 billion in public-fund AUM distributed through Banque Populaire, Caisse d'Epargne, and La Banque Postale.

Ownership category

akta.pro rank

Product category

Real Estate Investment Management

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940)

SIC

Real Estate Investment Trusts (6798), Investors, Nec (6799)

akta.pro primary industry

Sustainable Real Assets (Green Real Estate, Land, Forestry) Funds (FSANAJAD)

Keywords

• Real estate investment management
• SCPI fund management
• Commercial real estate funds
• Residential real estate funds
• OPCI collective investment

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Real estate asset management fees: AEW generates revenue through management fees charged on assets under management across its SCPI and OPCI products. The company manages approximately €8.5 billion in assets for the general public, with multiple fund products generating fee income based on portfolio value and performance.

Distribution channels4 records

Marketing channels1 record

Core offering

AEW Heritage is a French real estate portfolio management company (Société de gestion de portefeuille immobilier) that designs, distributes and manages collective real estate investment vehicles — SCPI (commercial and residential), OPCI grand public and SCI unit-linked support funds — covering offices, retail, residential, healthcare, diversified and ISR (socially responsible) strategies across France and Germany. It earns management and subscription fees on approximately €8.5 billion of assets under management across 25 public funds, serving around 120,000 SCPI associates.

Product overview

AEW Patrimoine is a real estate investment management company offering a diversified portfolio of investment products. The product lineup comprises three main categories: SCPI d'immobilier d'entreprise (commercial real estate SCPI funds), SCPI d'immobilier résidentiel (residential real estate SCPI funds), and OPCI grand public (public real estate investment funds). The commercial SCPI offerings include AEW COMMERCES EUROPE, AEW DIVERSIFICATION ALLEMAGNE, AEW OPPORTUNITES EUROPE, AEW PATRIMOINE SANTE, AEW PARIS COMMERCES, IMMO EVOLUTIF, ATOUT PIERRE DIVERSIFICATION, FRUCTIPIERRE, and LAFFITTE PIERRE. The residential SCPI lineup includes CILOGER HABITAT (with variants 2 through 6), AEW CILOGER HABITAT 6, FRUCTIRESIDENCE, and FRUCTIRESIDENCE BBC. OPCI products include FRANCEUROPE IMMO ISR and IMMO DIVERSIFICATION ISR. Additionally, SCI Support UC products (SCI ASSUR IMMEUBLE and SCI FRUCTIFONCIER) serve as unit-linked support vehicles. The company manages €8.5 billion in assets across 25 public funds and serves over 120,000 SCPI partners.

Differentiator

Problem solved

Functional benefit

Brands

• AEW COMMERCES EUROPE: SCPI d'immobilier d'entreprise focusing on commercial properties across Europe with 3.20% distribution rate and €235.16M capitalization
• AEW DIVERSIFICATION ALLEMAGNE
• AEW OPPORTUNITES EUROPE
• AEW PARIS COMMERCES
• AEW PATRIMOINE SANTE
• FRANCEUROPE IMMO ISR
• IMMO DIVERSIFICATION ISR
• CILOGER HABITAT
• FRUCTIPIERRE
• LAFFITTE PIERRE

Products and services

• AEW Commerces Europe Commercial real estate SCPI fund focused on European markets, available to retail and institutional investors through AEW's banking and CGP distribution channels.
• AEW Diversification Allemagne Diversified real estate SCPI fund with 100% Germany exposure, available to investors seeking German market real estate exposure through AEW's distribution network.
• AEW Opportunités Europe European-focused commercial real estate SCPI fund targeting office opportunities, available to retail and institutional investors through AEW's distribution channels.
• AEW Paris Commerces Capital variable commercial real estate SCPI focused on the Paris retail/commercial property market, available to retail and institutional investors.
• AEW Patrimoine Santé Healthcare-focused commercial real estate SCPI fund investing in healthcare-related real estate assets, available to retail and institutional investors.
• Atout Pierre Diversification Diversified commercial real estate SCPI fund under AEW's commercial real estate umbrella, providing broad exposure across multiple commercial property types.
• Fructipierre Commercial real estate SCPI focused on office properties in France, with capitalization of €702.6 million, available to retail and institutional investors.
• Immo Evolutif Capital variable commercial real estate SCPI (offices) focused on France, available to retail and institutional investors.
• Laffitte Pierre Commercial real estate SCPI (offices) under AEW's commercial real estate umbrella, available to retail and institutional investors.
• Franceurope Immo ISR ISR-focused OPCI grand public providing socially responsible real estate exposure, available to retail and institutional investors.
• Immo Diversification ISR ISR-focused diversified OPCI providing socially responsible real estate exposure across multiple property types, available to retail and institutional investors.
• Ciloger Habitat Residential real estate SCPI fund providing exposure to French residential property, available to retail and institutional investors.
• Ciloger Habitat 2 Residential real estate SCPI fund (series 2) providing exposure to French residential property, available to retail and institutional investors.
• Ciloger Habitat 3 Residential real estate SCPI fund (series 3) providing exposure to French residential property, available to retail and institutional investors.
• Ciloger Habitat 4 Residential real estate SCPI fund (series 4) providing exposure to French residential property, available to retail and institutional investors.
• Ciloger Habitat 5 Residential real estate SCPI fund (series 5) providing exposure to French residential property, available to retail and institutional investors.
• AEW Ciloger Habitat 6 Residential real estate SCPI fund (series 6) providing exposure to French residential property, available to retail and institutional investors.
• Fructiresidence Residential real estate SCPI fund providing exposure to French residential property, available to retail and institutional investors.
• Fructiresidence BBC Low-energy (BBC - Bâtiments Basse Consommation) residential real estate SCPI fund providing exposure to energy-efficient French residential property, available to retail and institutional investors.
• SCI Assur Immeuble Real estate mutual fund (SCI) designed as a unit-linked support (Support UC) vehicle for unit-linked insurance contracts, managed for institutional and insurance clients.
• SCI Fructifoncier Real estate mutual fund (SCI) designed as a unit-linked support (Support UC) vehicle for unit-linked insurance contracts, managed for institutional and insurance clients.
• Fonds Institutionnels Article 8 Institutional Article 8 funds (SFDR classification) designed for institutional investors seeking ESG-promoting real estate investment strategies.

Quantifiable outcome

• TDVM (Dividend Yield) ranging from 3.20% to 5.41% across SCPI products
• +1 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor and core.

• AVENTOSminorStrategic or Co-development Partner · 13 February 2026AEW acquired a fully let data centre asset in the Nuremberg metropolitan area, Germany from AVENTOS. The 2,592 sqm powered-shell data centre has a power capacity of 6.4 MVA and is fully let to an established global technology group under a long-term double-net lease agreement.
• Banque PopulairecoreChannel Partner/ Reseller/ DistributorBanque Populaire banking network distributes AEW's SCPI and OPCI investment products to its clients through branch advisors.
• Caisse d'EpargnecoreChannel Partner/ Reseller/ DistributorCaisse d'Epargne banking network distributes AEW's SCPI and OPCI investment products to its clients through branch advisors.
• Groupe La Banque PostalecoreChannel Partner/ Reseller/ DistributorLa Banque Postale banking group distributes AEW's SCPI and OPCI investment products to its retail customers through its branch network.

Scale indicators6 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Ofi Invest Real Estate: French real estate asset manager offering SCPI and OPCI products through insurance and wealth management channels. Comparable in retail/insurance distribution and product structure.
• Perial Asset Management: One of the largest French SCPI managers, distributing through independent advisors and banking networks with a diversified commercial real estate focus. Directly comparable as a French public SCPI/OPCI platform competing for the same retail investor and CGP distribution channels.
• Primonial (now Aurafund Management): Leading French SCPI manager operating a large public-fund platform distributed across wealth advisory networks. Highly comparable in product breadth (SCPI/OPCI/club deals) and in serving HNW retail investors via CGP channels.
• La Française Real Estate Managers: French real estate asset manager offering SCPI, OPCI, and institutional mandates, distributed through banking and private banking networks. Comparable in product structure and in its multi-channel distribution approach.
• Corum AM: French and European SCPI specialist (Corum Origin, Corum XL, Corum Eurion) distributed primarily through online and CGP channels. Directly comparable as a SCPI-led platform competing for the same retail flow pool.
• Swiss Life REIM (France): European real estate manager with a French SCPI/OPCI offering distributed through insurance and private banking networks. Comparable in product architecture and in reliance on institutional and high-net-worth flow.
• Sofidy: Major French SCPI/OPCI asset manager with broad retail distribution and multi-sector real estate strategies. Directly comparable in product mix (commercial, residential, healthcare SCPIs) and in distribution through CGPs and private banking networks.

Broad incumbents

• AXA IM Real Estate: Global real estate investment manager within the AXA group, offering institutional and selected retail European real estate vehicles. Comparable in operating model and ESG-labelled institutional funds, though with a more institutional tilt.
• Amundi Immobilier: Real estate arm of Amundi, the largest European asset manager, offering SCPI/OPCI products as part of a much broader €2T+ asset management franchise. Comparable product overlay but with materially larger scale and broader corporate parentage.
• Natixis Investment Managers — Real Estate: Affiliated multi-affiliate platform within Natixis IM (parent group of AEW). Provides infrastructure context for AEW's institutional reach and competitive benchmarking within the broader BPCE/Natixis ecosystem.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/aew-ciloger

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AEW Heritage