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The stock markets suffered a modest drop over the last month in the wake of increased sanctions against Russia, which are impacting negatively on economic prospects in Europe, and uncertainty about the speed of interest turnaround in the USA. The Dax fell 1%, while the EuroStoxx was down by 1.2%.
European real estate stock saw a similar fall, at 1.4% closing slightly weaker than the stock market as a whole. Losses were spread relatively evenly, with just eight of the Epix 50 stocks remaining in the black.
The heaviest losers included Greek company Eurobank Properties REIC SA (-5.4%) and Italian firm Beni Stabili SpA (4.98%). Having again been downgraded by a broker, French company ICADE SA (-4.3%) likewise fell significantly. Befimmo SA acquired two office properties from AXA Belgium SA (-1.4%) in exchange for shares, as a result of which AXA Belgium SA now holds an 11.4% share in the company. Up by 11.7%, the biggest winner by far was the Russian PIK Group OAO. As such, the company has gained 50% since the end of July.