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Property funds down by 7.7%

17 November, Milano Finanza

The storm that shook the global stock markets, from Wall Street to Europe, especially Milan, till Asia, didn’t spare real estate and property funds in particular. In the last month, the Bnp Paribas Reim Index for listed property funds registered a 7.7% drop, having gone from 208.74 to 192.66 points. It’s the most dramatic decrease of the last few years, with the index returned to the levels of January 2017. The slump also concerns the Ftse Mib and State bonds, although this latter recorded more contained losses. The Epra index has also reported a negative performance concerning European property funds, having gone from 206.44 points to 199.77 at present. In the meanwhile, the discount between stock prices and NAV of property funds has broadened setting at 43.35% from the 39.09% of the previous month. The capitalisation of the sector has decreased to 1.02 billion euro from the previous 1.11 billion for the 16 listed real estate funds. Finally, transactions have also reduced.

Source: Milano Finanza

Translator: Cristina Ambrosi