Listed property trusts bounce back
There has been a sharp improvement in the performance of property trusts listed on the UK stock market, suggesting that the investment community feels more positive towards the sector.
UK Commercial Property Trust this week successfully placed 195m shares at a premium to NAV, in an offering to shareholders that was oversubscribed. This is in contrast to many of last year’s fundraisings on the stock market, which were carried out at a discount to NAV by companies in urgent need of cash.
The Financial Times also reports that the IPD Index this week showed that the UK property market finished with a positive return for 2009 of 3.4%, after a very strong performance in the final quarter outweighed heavy losses at the start of the year.
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