After the strong performance of real estate equities from the February lows, June saw the market pause with the benchmark, FTSE EPRA / NAREIT Europe Index TR (in GBP) rising 1.06%. The Trust’s NAV was slightly behind at 1.01% whilst the share price rallied 3.9% nudging the stock back to a small premium to asset value.
Pan European real estate equities had a volatile month with the index initially continuing its April rally then retreated before finishing with a rally off the month low point with the FTSE/EPRA NAREIT Developed Europe Index (in GBP) returning 0.46%. Continental Europe and the UK returned near identical numbers. The Trust’s NAV was 0.49% in line with the benchmark. The share price however rose 2%.
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Pan European real estate equities had a strong month with the FTSE/EPRA NAREIT Developed Europe Index (in GBP) returning 4.36%. Continental Europe returned 4.1% (in EUR) a little behind the UK at 4.9%. The Trust NAV Total Return was 5.01%, 66bps ahead of the benchmark.