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Global real estate trends up in December
December was a good month, with gains in all global real estate securities
markets. Globally, however, the sector (+5.9% in US$) still underperformed the
global equity market (+7.2% in US$). In US$, Europe was the best performing
region in December, up +10.8%, compared to -12.4% last month.
Global valuations suggest 4.7% upside to target prices
In aggregate, the potential upside to our target prices is now 4.7% (7.7% last
month), with our universe of leading market stocks trading at a weighted-average
discount to NAV of 10.0% (-8.3%) and an FY1 dividend yield of 3.4% (3.4%).
Capital market issuance
In 2010, a total of £53.7bn was raised by listed real estate companies, compared
to £56.3bn in 2009. Over the last two years, total equity raises decreased to
£30bn in 2010 from £42bn in 2009, whilst debt issuance amounted to £23bn in
2010 (£14bn in 2009), with North Americas the largest issuer of equity and debt.
This month, we have a detailed analysis of the Indian market
Key Overweight markets – Hong Kong, Singapore, the US
Key Underweight markets – China, Japan
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