REC global commentary
Global property shares rebounded in February, as total returns rose 2.8%. They also outperformed global stock markets; the MSCI AC World Index registered only 1.5%. The Americas performed best, at 5.9%. Europe bucked the rising trend and was the only region to end in negative territory, with returns of -0.5%. Of the developed European markets, Spain and Norway led the way down with -12.0% and -4.9% returns respectively.
EPRA Europe fell 1.3%, while EPRA North America rose 5.2% and EPRA Asia 2.7%. Equity raising outstripped debt issuance, with £1.4bn raised globally (see graph, left). There were five IPOs and 11 secondary issues, the latter mainly in the US, Canada and Brazil. Debt issuance fell to £0.7bn; the largest issue was by Unibail, worth £456m.