Research - MARCH 14, 2017

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Pan-European property fund performance moderated in 2016

by Andrea Waitrovich

Pan-Europe property funds delivered a net fund return of 2.3 percent in fourth quarter 2016, reports MSCI, as indicated in the IPD Pan-Europe Quarterly Property Fund Index.

According to the index, Pan-European property fund performance in 2016 was 4.7 percent, slowing down from a 5.3 percent return for the 12 months through September 2016 and 10.4 percent in 2015. Despite the annual slowdown, quarter-on-quarter returns accelerated throughout 2016. After showing a marked slowdown in the first and second quarter (at 0.4 percent and 0.9 percent, respectively), returns gathered momentum in the third and fourth quarter (at 1.0 percent and 2.3 percent, respectively).

Underlying assets held in these funds recorded a similar pattern. Fourth quarter 2016 showed the strongest return of the year at 2.2 percent. This was driven by capital growth of 0.9 percent, which followed three quarters of negative capital growth. Over 12 months, performance slowed to 4.8 percent, compared wit

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