REC global commentary
Global property shares ended 2009 strongly, returning 3.1% in December, up from 0.4% in November, with all developed markets contributing to the return. Singapore was the best performer at over 9%, followed by Japan (7.8%), Canada (7.6%) and the US (7.2%). Over 2009, rolling 12-month returns improved every month from February onwards, although December 2009 returns were slightly lower than November.
Total capital raised on public markets in 2009 was £42bn for equity and £14bn in debt capital. Most equity capital was raised in the Americas, at £14.7bn; just over £9bn was raised in Europe. In Europe and the US, the majority of equity was raised via companies’/REITs’ secondary issues; Asia accounted for over £4bn of the £6bn raised via new listings.