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Global real estate underperforms in June
Following a good performance in May, Global real estate securities
underperformed the global equity market over the last month, with both posting
negative total returns of -2.5% and -1.6% respectively. The only region ending in
positive territory was the South Africa market, up +2.0% in US$. Of the leading
markets, only the UK managed to see a positive return as investors sought
defensive plays against a background of concerns regarding Greek sovereign
debt default (page 33).
Capital market issuance
Activity slowed down this month, with a total of £3.5bn raised, compared to
£7.3bn in May, of which £1.9bn was for secondary issues (£1.8bn) with North
America yet again dominating, £0.2bn was for IPOs (£0.3bn) and the bond
market only saw £1.4bn (£4.1bn) of new issuance.
Recommended weightings (Summary p5-9, Details p21 )
Key Overweight markets – China, Hong Kong Landlords, Singapore Landlords,
US and Canada
Key Underweight markets – Japan, Australia, Hong Kong Developers,
Singapore Developers and New Zealand
Current global valuations suggest 6.4% upside to TP
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