INGIM positive on global REITs
ING Investment Management (INGIM) is anticipating a positive year for global real estate securities, despite pressure from global events.
Global real estate investment trusts (REITs) generated a positive return in the first quarter of 2011 despite continuing turmoil in the Middle East, the sovereign debt crisis in Europe and the earthquake and tsunami in Japan, INGIM stated.
In its latest global property securities outlook, INGIM also stated that while Asia Pacific REITs were negatively impacted by events in Japan, the direct physical damage to physical assets owned by Japanese property companies appeared to be minimal.
This is because only one to 2 per cent of assets are located near disaster-affected areas, and expectations are that short-term economic weakness will later be made up for through infrastructure spending.
European property companies outperformed for the quarter, but the highest quarterly returns of 8.1 per cent were seen in North America, where an announcement of significant merger and acquisition activity in industrials and healthcare boosted returns.
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