The Antares Listed Property Fund delivered a return of -4.7% (net of fees) for the month of June, outperforming its benchmark by 0.1%.
The listed property market had a weak month, with the S&P/ASX 200 A-REIT Accumulation Index falling 4.8%. The sector was impacted by rising domestic bond yields and new supply, with Dexus doing a $550m equity raising. So far in 2017, the ASX 200 REIT sector is down 6.0% and has underperformed the broader share market by 7.0%.
Industrial REITs have outperformed for several months but gave some of this up in June, falling 5.9%. Office REITs were down 5.3% and retail REITs continued their weak performance, falling a further 4.6%.
National Storage REIT (NSR) outperformed, rising 6.9%. NSR announced that it had entered an agreement to acquire three storage centres in Brisbane from Elite Self Storage Group for $28m. This will be funded by scrip and debt. Cromwell Property Group (CMW) and BWP Trust (BWP) also delivered positive returns during the month. CMW appointed Leon Blitz as a non-executive director effective 28 June.
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