Euro­pean real es­tate stock down by 1.8%

Financial Mirror (Cyprus) - - FRONT PAGE -

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.

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