European real estate stock down by 1.8%
Ukraine, Gaza, Argentina, Portugal and Adidas – geopolitical conflicts, debt crises and profit warnings triggered a downward trend in the European stock markets last week. The EuroStoxx 50 and Dax consequently dropped 3.2% and 4.5%, respectively. Compared to the stock market as a whole, the European real estate stock market acquitted itself well, dropping a modest 1.8%. In this respect, peripheral stock (Immobiliare Grande Distribuzione S.p.A., ?7.9%) and stock with commitments in Russia (Immofinanz AG; ?9.1%) counted amongst the heaviest losers.
The biggest winner was Dutch company Corio N.V., which gained 9.9% after French rival Klepierre S.A. presented a take-over offer a good 15% higher than the previous day’s closing price. Both the management and largest shareholder at Corio N.V. support the offer, which most analysts deem to be attractive. In contrast, Klepierre S.A. shares fell 3.6% last week.