UK-REITs stumble in wake of Brexit
The EPRA/NAREIT U.K. index of British REITs dove 12.71 percent in local currency terms for the week ended June 30, and fell a whopping 21.19 percent in U.S. dollar terms over the same period, according to the latest data from FTSE.
The massive slide has come in the wake of the United Kingdom’s referendum to leave the European Union, which passed on June 23.
The discrepancy in the fall in local currency terms and U.S. dollar terms is due to the drop in the value of the British pound relative to the U.S. dollar over the same period — a fall of 11 percent.
Despite the weeklong tumble, the index did increase 1.97 percent on June 30, indicating that some stabilization may be taking place.