Europe’s listed property sector just stayed in the black in August (month to date) thanks to a strong performance by both Sweden (3.7%) and Austria (3.5%) and to a lesser extent Germany (1.8%).
Swedish stocks Balder, Hufvudstaden and Fabege led the charge with gains of 4.5%; 4.1% and 3/2% respectively. Despite the UK’s overall weak performance, there was a large number of winners including Tritax Big Box (+8.7%), Intu (+5.6%), Hammerson (+4.1%), Segro (+2.6%) and Shaftesbury (+2.6%).
Overall, however, the UK accounted for the largest number of top-10 losers in Europe in the listed sector in August, with Derwent London (-3.1%), Kennedy Wilson (-2.6%), Great Portland Estates (1.8%), British Land (-1.4%) and Unite (-1.2%) all in the red. Overall the UK index slumped 0.91%.
The biggest loser during the month to date was Madrid-listed Inmobiliaria Colonial which fell 5%, but the Spanish index confined the losses to 0.3%. The Swiss index was the biggest loser overall with -1.9%.
