The FTSE EPRA/NAREIT Global Real Estate Index fell 4.2% in February, with only European real estate finishing 110 bps in the black. This was the second consecutive month Europe's index finished ahead. Both the Asia-Pacific region and North America started 2008 with significant declines, and recorded negative returns in February of -15.4% and -8.1% respectively.
The FTSE EPRA/NAREIT Global Real Estate Index fell 4.2% in February, with only European real estate finishing 110 bps in the black. This was the second consecutive month Europe's index finished ahead. Both the Asia-Pacific region and North America started 2008 with significant declines, and recorded negative returns in February of -15.4% and -8.1% respectively.
Markets across Europe had varied fortunes, with the UK finishing 2% down while France saw a 4.2% rise. The big gainers were the Netherlands (+6.8%) and Sweden (+8.6%).
Among the company successes cited in the monthly market review was UK-based Mapeley, government offices specialist, which added 28% in the light of a potential takeover by Fortress. Germany's Vivacon rose 18%, having acquired 80% of shares in Curanis. Immofinanz, Colonia Real Estate and French retail investor Mercialys all saw their shares rise 13%.
UK-based Teesland Advantage Property dropped 17% in February, lowering the European index's average. Land Securities was down 82bps amid reports that private equity group Cinven were looking to acquire its Trillium arm, while Dutch property developer Vastned saw its shares rise 3% in February as the company's decision on whether it will accept takeover offers postponed to mid-March.
