PAREF Hexa

What PAREF Hexa does

PAREF Hexa is a French diversified commercial real estate SCPI (Société Civile de Placement Immobilier) managed by PAREF Gestion, an AMF-licensed (GP-08000011) and AIFM-authorized asset management subsidiary of the PAREF group, which is controlled by Fosun International. The vehicle was rebranded from Interpierre France to PAREF Hexa in October 2023 alongside a 5:1 share split that lowered the minimum subscription ticket to €860 (5 shares at €172). As of 31 December 2025, PAREF Hexa reported a capitalization of €201.1M across 40 buildings totaling 146,903 m², with 76 tenant businesses and 3,717 associates, a financial occupancy rate of 86.9%, a debt ratio of 29.6%, and an average residual lease term of 2.87 years. The portfolio is anchored by approximately 27% government-related tenants and 76% of assets located in national-function cities, providing relative lease stability.

The fund has held the ISR (Socially Responsible Investment) label since June 2022, renewed in 2025, enabling distribution into ESG-mandated investor channels. PAREF Gestion operates five SCPI vehicles representing more than €2.5B in combined AUM, with PAREF Hexa as one of the diversified commercial real estate offerings within that platform. Revenue mechanics for the management company consist of a 10% HT subscription commission on new capital raised, an 8% HT annual management fee on rental and financial income, disposal commissions on asset sales, transfer fees on share transfers, and works monitoring commissions on capex projects. Distribution occurs through authorized financial advisors and wealth management networks, targeting French retail and institutional investors seeking income-generating, SRI-eligible real estate exposure.

The 2025 distribution rate of 6.00% supports a current income narrative for associates, though broader PAREF group vehicles have posted sharp negative performance (e.g., Novapierre Résidentiel at -41.53%), and long-term TRI has compressed from 4.43% over 15 years to 0.41% over 5 years, indicating pressure on French commercial real estate valuations and on net asset value-driven total returns across the cycle.

Name

PAREF Hexa

Legal name

PAREF Gestion

Website

https://paref-gestion.com

Company type

Private

Founded year

1995

Operating status

Operating

Short description

PAREF Hexa is a French diversified commercial real estate SCPI with €201.1M in capitalization across 40 buildings and 76 tenants, managed by PAREF Gestion and serving 3,717 retail and institutional investors with ISR-labeled, SRI-eligible real estate income exposure.

Ownership category

akta.pro rank

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Subscription Commission: Commission of 10% HT (inclusive of issuance premium) charged to investors on subscription. This is the primary upfront revenue from new capital raised.
2. Annual Management Fee: Annual commission of 8% HT (9.6% TTC) on collected rental income (hors taxes) and net financial income. Recurring annual revenue stream.
3. Asset Disposal Commission: Tiered disposal commission: 1% HT on sales up to €3M, 0.75% HT between €3M–€5M, 0.5% HT above €5M. Revenue from portfolio rebalancing and asset sales.
4. Transfer/Mutation Processing Fee: Fixed fee of €75 HT (€90 TTC) per transfer/mutation dossier, charged when shares are transferred between parties (sale, succession, donation).
5. Works Monitoring Commission: Maximum 1% HT on major works over €100,000 HT directly monitored by the management company.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

PAREF Hexa is a French diversified commercial real estate SCPI (Société Civile de Placement Immobilier) that invests in offices (64.1%), activity spaces (27%), and logistics (4.9%) across 12 French metropolitan areas, Île-de-France, and Paris. Investors subscribe to shares at €172 per share (minimum 5 shares = €860) and receive quarterly dividend distributions. The fund is managed by AMF-licensed PAREF Gestion, holds the ISR ESG label, and is classified SFDR Article 8.

Product overview

PAREF Gestion operates a portfolio of five distinct SCPI products, each targeting different real estate segments and geographic focuses: PAREF Hexa (French diversified commercial real estate, ISR-labeled), PAREF Prima (German and European essential retail), PAREF Evo (European opportunistic diversified real estate, ISR-labeled, Article 8), Novapierre 1 (French commercial retail), and Novapierre Résidentiel (French residential capitalization). Together they manage €2.5 billion in assets under management serving over 24,000 associates.

Differentiator

Problem solved

Functional benefit

Products and services

• PAREF Hexa SCPI PAREF Hexa is a French diversified commercial real estate SCPI (Société Civile de Placement Immobilier) that invests in offices (64.1%), activity spaces (27%), and logistics (4.9%) across 12 French metropolitan areas, Île-de-France, and Paris. As of 30/06/2026, the portfolio holds 40 buildings, 146,903 m² of managed surface area, 76 tenant businesses, and achieves an 86.9% financial occupancy rate with a 2.87-year average residual lease duration. The fund holds the ISR (Investissement Socialement Responsable) ESG label (first obtained June 2022, renewed 2025) and is classified SFDR Article 8. Investors subscribe at €172 per share with a minimum of 5 shares (€860) and receive quarterly dividend distributions. Capitalization is €201.1M as of 31/12/2025, with a target 6.00% distribution rate for 2025 and 3,717 associates as of 30/06/2026.

Quantifiable outcome

• Distribution rate of 6.00% in 2025; TRI 10 years of 4.43%; TRI 5 years of 3.05%; TRI 15 years of 0.41%
• +3 more outcomes

Named customers10 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• AFNOR CertificationcoreOthersAFNOR is the accredited certification body that conducts annual audits to validate PAREF Hexa's ISR label compliance and ESG progress. Audits are conducted by an AFNOR-accredited auditor.

Scale indicators11 records

Recent moves7 records

Expansion highlights4 records

Emerging players

• Corum Asset Management: Pioneer of European (non-France) SCPI investing via Corum Origin and Corum XL. Partially overlapping with PAREF Hexa as a commercial CRE SCPI, but with primary geographic focus on Western Europe ex-France versus PAREF Hexa's France-only focus.
• Consultim / Consultim Asset Management: Independent French SCPI manager with diversified commercial real estate vehicles. Comparable in size range and product mix, often competing for the same pool of French retail savings investors.

Direct peers

• Amundi Real Estate (Amundi Immobilier): One of France's largest SCPI operators, managing flagship diversified office and retail SCPIs (e.g., Edissimmo, Rivoli Avenir Patrimoine). Directly competes with PAREF Hexa for retail savings allocations and institutional CRE mandates.
• Sofidy: Independent French SCPI/REIT manager with multiple diversified SCPIs (Effissimo, Immorente, Sofiprime) covering offices, retail, logistics, and residential. Comparable diversified product strategy and strong retail-distribution footprint.
• Inter Gestion: French SCPI operator with flagship diversified commercial SCPIs (Caphom, Capiforce). Closely comparable in mid-tier AUM range to PAREF Hexa (€200–300M), with similar office/retail mix and retail distribution model.
• Voisin (Voisin Foncier / Voisin Real Estate): Smaller French SCPI operator with retail/commercial CRE vehicles (e.g., Voisin Foncier, Voisin Bureaux). Comparable mid-tier AUM range, retail distribution, and asset class focus with overlap to PAREF Hexa's offices/retail mix.
• Perial Asset Management: Mid-sized French SCPI manager with diversified commercial real estate SCPIs (PF Grand Paris, PF OPPORTUNITE, PF Hospitaliere Europe). Comparable size range to PAREF Hexa, similar multi-asset commercial focus, and similar distribution-led GTM.
• La Française Real Estate Managers (REM): Major French SCPI/REIT manager with multiple diversified commercial SCPIs and a strong focus on ESG integration. Comparable product suite (offices, retail, diversified), institutional/retail distribution model, and AIFM-regulated status.
• Primonial REIM (now Altarea IM): One of the largest French SCPI managers, running a diversified portfolio of commercial real estate SCPIs (offices, retail, healthcare, residential) with multiple ISR-labeled vehicles. Directly comparable to PAREF Hexa in product type, target investor base, and asset-class mix.

Broad incumbents

• Swiss Life REIM (France): European asset manager with French SCPI offerings (e.g., SwissLife Dynapierre) focused on commercial real estate. Operates as a broad incumbent in European real estate with French sub-strategies comparable to PAREF Hexa's diversified mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/paref-gestion

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries5 records

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 PAREF Hexa