In summary, over February, investor sentiment was driven by macroeconomic events alongside a handful of corporate events (within our small real estate world). The second half of February was, clearly, dominated by the tragedy unfolding in Ukraine. This historical and terrible geo-political event essentially added huge uncertainty to the backdrop of inflation-averse central bank behaviour.… Read More »
Real estate stocks were not immune from the weakness in global equities as the new year got underway. The expectation of US Federal Reserve policy tightening has now become a reality. This news was coupled with firm indications that the world’s most important central bank is not concerned about short term (downward) adjustments to risk… Read More »
December brought a strong end to the calendar year with the net asset value (NAV) rising +1.8%, while the benchmark rose 0.6%. The share price gained 2.7% over the month, which brought the share price total return for the year to 23.5%; this reflects both the 18.6% growth in the NAV over 12 months and… Read More »
November was a positive month for real estate equities, and the FTSE EPRA/Nareit Developed Europe TR Index (in sterling) rose +1.1%. The trust’s net asset value (NAV) total return was just behind at +1.0%. In fact, the real estate sector was the third strongest among all the global industry classifications, with the Europe-wide STOXX 600… Read More »
Pan European real estate equities enjoyed a healthy recovery after the weakness seen in September. The Trust’s net asset value (NAV) rose +4.4%, while the benchmark gained +3.7%. The share price didn’t quite keep up with the NAV and rose +3.6%. Continental European real estate equities performed strongly and collectively rallied +5.5% in euro terms.… Read More »