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Global real estate outperforms again in May
Global real estate securities had a month of outperformance, albeit with only a
modest rise in absolute terms, compared to the decline in global equity markets.
In local currency terms (see p.14) Europe was the star performer. Of the leading
markets only Singapore failed to outperform its local equity market, buoyed by
FY results demonstrating the strength of the Central London office market (see p
3).
Capital market issuance
Activity improved this month (a total of £7.3bn vs. £5.2bn last month) of which
only £2.9bn was for secondary issues (£0.6bn) with North America yet again
dominating, £0.3bn was for IPOs (£2.4bn), and the bond market saw £4.1bn
(£2.2bn) of new issuance.
Recommended weightings (Summary p3-9, Details p23 )
Key Overweight markets – China, Hong Kong, US and Canada
Key Underweight markets – Japan, Australia and New Zealand
Current global valuations suggest 13.9% upside to TP
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Global real estate outperforms again in May
Global real estate securities had a month of outperformance, albeit with only a
modest rise in absolute terms, compared to the decline in global equity markets.
In local currency terms (see p.14) Europe was the star performer. Of the leading
markets only Singapore failed to outperform its local equity market, buoyed by
FY results demonstrating the strength of the Central London office market (see p
3).
Capital market issuance
Activity improved this month (a total of £7.3bn vs. £5.2bn last month) of which
only £2.9bn was for secondary issues (£0.6bn) with North America yet again
dominating, £0.3bn was for IPOs (£2.4bn), and the bond market saw £4.1bn
(£2.2bn) of new issuance.
Recommended weightings (Summary p3-9, Details p23 )
Key Overweight markets – China, Hong Kong, US and Canada
Key Underweight markets – Japan, Australia and New Zealand
Current global valuations suggest 13.9% upside to TP
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