The European listed property sector ended the first half of 2021 on a positive note following further return gains in Q2, according to research by GPR.
The GPR 250 Europe Index added 0.7% in June 2021, with the gains led by Austria (3.3%), Belgium (3.1.%) and Finland (2.9%). As a result, second-quarter total returns for the European listed property sector came out at 9.9%.
All regions ended Q2 higher, with the gains in local currency terms ranging from 4.1% for Asia, 9.9% for Europe, 11.9% for the Americas and 13.6% for Africa. There was outperformance versus equities (9.7% versus 7.7%) as well as versus bonds (9.7% versus 0.9%).
Highlights during Q2 included Blackstone's take-private of data centre operator QTS Realty in a deal valuing the company - with assets in the US and Europe - at $10 bn (€8.2 bn); Immofinanz abandoning its takeover bid for S Immo after shareholders rejected a move to eliminate maximum voting rights; and Vonovia gaining the green light from Germany's anti-trust authorities to take over Deutsche Wohnen in a €90 bn tie-up. Deutsche Wohnen shareholders have until 21 July to accept the bid, with the deal slated for completion by end-August.
Meanwhile, Globalworth Real Estate Investments reiterated its stance that the unsolicited cash takeover offer by major shareholders CPI Property Group and Aroundtown 'significantly undervalues' the company, its assets and its prospects. The acceptance period for the takeover offer has been extended to 9 July.
Amsterdam-based Global Property Research (GPR), which is owned by merchant bank Kempen & Co, provides services for financial institutions. It offers four standard property benchmarks: the GPR 250 Index, GPR 250 REIT Index, GPR General Index, and GPR General Quoted Index, as well as the GPR Pure Infrastructure Index.
