Meeting Philippe Depoux backstage at Mipim 2025, he readily admits that the five historical SCPIs managed by La Française Real Estate Managers "are indeed facing a number of challenges". Faced with issues of unit value, distribution and liquidity for these "mainly office" vehicles, the management company "is up to the task", its chairman assures Business Immo, before detailing a roadmap which, having already implemented unit price cuts, also includes a 2025 disposal plan target approaching €500m, as well as the setting up of redemption funds.