Impact investing in the French real estate sector

: evidence of SCPI (“Société Civile de Placement Immobilier”)

Abstract

This thesis explores how socially responsible "Société Civile de Placement Immobilier" (SCPI) investments in the French Real Estate sector can drive sustainable development and positive social-environmental impacts. Through a funnel qualitative approach and a qualitative coding approach, data is systematically collected from interviews, annual reports, press releases, sustainability reports, and academic literature. In a climate-crisis era, SCPIs are explored as vehicles for addressing environmental and social issues. Given substantial energy use and emissions from buildings in Europe, the study underscores the potential of the real estate sector to catalyze positive change through green modernization, energy efficiency practices, and sustainable materials adoption. The findings highlight SCPIs, characterized by long-term outlooks, diverse assets, and dual financial-impact returns, as vehicles for supporting impactful environmental and social initiatives. They enable targeted investments that directly benefit communities, foster green projects, and influence industry standards. Their structured nature and regulatory oversight enforce accountability, supported by government commitment for sustainable practices and aligned with broader global sustainability endeavors. Finally, this study emphasizes SCPIs' multifaceted potential to effect positive change by combining financial returns with quantifiable societal and environmental benefits, thereby steering the real estate landscape towards a more sustainable path.

Date of Award	18 Oct 2023
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Giacomo Morri (Supervisor)