Real Estate Quarterly Review – Q2 2020
The covid-19 pandemic continued to wreak havoc in the real estate in the second quarter, but a polarisation of sectors and funds has started to become apparent. Companies focused on the retail, leisure and hospitality property sectors had already seen huge negative rating changes in the first quarter of the year, when the pandemic took hold. This quarter, it was the generalist companies that own a diverse portfolio of UK property that suffered. Most suffered double-digit falls in their share prices in the three months as valuations tumbled on poor rent collection figures. Those companies with a specialist real estate focus, especially those in the industrial and logistics sector, witnessed big share price gains during the period, with most trading at or above pre-covid levels. A surge in online consumer spending during lockdown created an uptick in demand from occupiers for logistics space, while an acceleration in the long-term trend for ecommerce has put logistics-focused companies at an advantage. The surge in demand for shares in these trusts saw a number successfully tap the market for equity, with a total of £1.67bn raised in placings.
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