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Global Property Insight
Developed regions favoured
⇒ Global real estate in line in February
In an equity market driven by inflation concerns and where the more positive
“delta” of growth in developed markets led to weakness in developing markets
global property managed to keep pace, with the UK being the star performer,
and Hong Kong bringing up the rear.
⇒ Capital market issuance
Activity slowed down this month with a total of £3.5bn raised (£7.6bn in Jan
2011), of which £2.0bn was for secondary issues (£2.7bn).
⇒ Recommended weightings (Summary p3-8, Details p36 )
We remain positive on the US (page 5 and 36-41) , and for those who find the
valuations of US apartment REITs challenging, we highlight our new Canadian
top pick, Boardwalk REIT, which is the largest publicly traded owner of
multifamily residential housing in Canada, and trades at a 36% discount to the
AFFO multiple of its US peers. On pages 16-25 we take a look at the themes
driving the recent rally in the UK. We maintain our weighting and believe our top
pick British Land is best positioned amongst the UK majors.
Key Overweight markets – Hong Kong, Singapore, US and Canada
Key Underweight markets – China, Japan, Australia and New Zealand
⇒ Current global valuations suggest 10.8% upside to TP
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Global Property Insight
Developed regions favoured
⇒ Global real estate in line in February
In an equity market driven by inflation concerns and where the more positive
“delta” of growth in developed markets led to weakness in developing markets
global property managed to keep pace, with the UK being the star performer,
and Hong Kong bringing up the rear.
⇒ Capital market issuance
Activity slowed down this month with a total of £3.5bn raised (£7.6bn in Jan
2011), of which £2.0bn was for secondary issues (£2.7bn).
⇒ Recommended weightings (Summary p3-8, Details p36 )
We remain positive on the US (page 5 and 36-41) , and for those who find the
valuations of US apartment REITs challenging, we highlight our new Canadian
top pick, Boardwalk REIT, which is the largest publicly traded owner of
multifamily residential housing in Canada, and trades at a 36% discount to the
AFFO multiple of its US peers. On pages 16-25 we take a look at the themes
driving the recent rally in the UK. We maintain our weighting and believe our top
pick British Land is best positioned amongst the UK majors.
Key Overweight markets – Hong Kong, Singapore, US and Canada
Key Underweight markets – China, Japan, Australia and New Zealand
⇒ Current global valuations suggest 10.8% upside to TP
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