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Non-Listed European Fund Returns Up Slightly in Q1

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Europe  Italy  Germany  INREV  Casper Hesp  Non listed Real Estate Vehicles 

Non-Listed European Fund Returns Up Slightly in Q1

By - Thursday 21 June 2012

As the Euro looks ever-closing to becoming a pile of ash, positive news on European property markets is becoming increasingly rare. However, according to the latest data from the European Association for Investors in Non-listed Real Estate Vehicles (INREV), total returns on non-listed funds increased slightly to 0.5% in the first three months of 2012 from 0.4% in the previous quarter.

While the figures unsurprisingly show that capital values continued to fall in Q1, the decline was considerably slower at -0.2% then the -0.8% recorded in Q4 2011. The improved performance was driven by increased returns in Continental Europe (up at -0.2% from -1.3% over the same period) according to INREV.

Again unsurprisingly Germany was the best performer, with total returns of 0.8% although this represents a slowdown on the 1.4% growth recorded in Q4 2011. Meanwhile Italy hit the skids in the report with negative returns of -0.9%.

Although overall returns were positive on the whole, the INREV data exposes another important divide; while core funds brought total returns averaging 0.7%, value added performs brought negative returns averaging -0.3%.

Casper Hesp, director of research and market information at INREV commented: "These returns offer a glimmer of positive news. The gains aren't huge but overall performance is moving in the right direction. Continental Europe has driven significant uplift in capital growth, which will no doubt give investors renewed confidence."

He added that the continuing uncertainty in southern European economies is unlikely to help countries such as Italy, where total returns remain in negative territory and at the bottom of the table. "Curiously, only Italy and multi-country funds displayed a shift northwards. While Germany topped the table for returns by country at 0.8% it showed a slide from 1.4% in Q4 2011," he said.

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