Market Update for March 2019
Asia Pacific REITs Post Double-Digit Gain (11.6%) in the First Quarter
By Jeroen Vreeker, Analyst, Global Property Research
The quarterly rebalancing of the GPR/APREA index series, which took effect after the close of trading on the third Friday in March, had no specific impact on the comprehensive GPR/APREA Composite REIT Index. The index continued to cover 165 Asia Pacific REITs as at 31 March 2019.
Asia Pacific REITs advanced 4.1% in USD terms and outperformed equities with the comparable MSCI AC Asia Pacific Index returning 1.3%. As a result, the GPR/APREA Composite REIT Index ended the first quarter 11.6% higher. The table below shows the total return performances realised in the previous month for the various currencies available for the index.
The gain for the GPR/APREA Composite REIT Index was predominantly attributable to Australia (5.4%), Hong Kong (5.4%) and to a lesser extent Japan (3.9%) and China (3.7%). Still, the returns for other country carve-outs were positive as well: Malaysia (2.8%), Singapore (2.5%) and Taiwan (1.8%).
Please find below the performances in USD terms of the GPR/APREA Composite REIT Index and country sub-set indices: