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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.
Pan European real estate equities had a strong month with the benchmark (FTSE EPRA/NAREIT Developed Europe Net TR in GBP) rising 2.55% on the back of the mix of a strong finish to the results season (particularly in Germany and Spain) coupled with the hint of further corporate activity in the UK.
Pan European real estate equities performed poorly in February with the benchmark (in GBP) falling -4.58%. This weakness was clearly not confined to property equities but the sector has now fallen -7.5% from its January 7th peak underperforming the wider equity market. Over the last month there was little differential in performance between the UK (-5.1% in GBP) and Continental Europe (-5.4% in EUR).