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Global Property Insight
Running out of steam
Global real estate underperforms in November
November was a poor month for equity markets, with declines in all global real
estate securities markets. Globally, the sector (-4.4% in US$) underperformed
the global equity market (-2.4% in US$). In US$ Europe turned out to be the
worst region in November, down -12.4%, compared to +5.3% last month as fears
on the Irish bailout materialised.
Global valuations suggest 7.7% upside to target prices
In aggregate, the potential upside to our target prices is now 7.7% (4.7% last
month), with our universe of leading market stocks trading at a weighted-average
discount to NAV of 8.3% (-6.8%) and an FY1 dividend yield of 3.4% (3.3%).
Capital market issuance
Another busy month for capital markets, with a total of £8.8bn raised by listed
real estate companies compared to £6.2bn in October. Of this month £0.8bn was
for IPOs (£2.5bn last month), £4.8bn in secondary issues (£1.8bn), and £3.2bn
(£1.9bn) in bond issues. (p34-35).
Key Overweight markets – Hong Kong, Singapore, US
Key Underweight markets – China, Japan
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