For a strong return on your shareholding over the past six months you would have been better off looking to those companies investing further afield rather than those focused on the UK according to Jefferies research.
Equity investors looking for returns in UK-listed propcos after the EU referendum would have been better off turning to ones with Chinese or Russian assets, market performance data from Jefferies shows.
Macau Property Opportunities Fund and Raven Russia have led the pack since 23 June. Both London listed property companies invest in property outside the UK and have seen a total return of 39% and share price growth of 42% and 37% respectively.
Of the 10 companies with returns of 10% or more, only F&C Commercial Property Trust has a large London exposure. The rest either invest in logistics, alternatives or outside the capital.
Meanwhile, self-storage is the biggest winner in trading at a premium to NAV. Big Yellow Group at 30% and Safestore at 27% are the only property companies Jefferies tracks that are trading at a double digit premium. Only five other companies, two of which have industrial portfolios, are trading at above their NAV.
UK listed property company performance, 23 June-17 February
| Share price 23 June 2016 | Share price 17 February 2017 | Change in share price | Return since June 23 | |
|---|---|---|---|---|
| Raven Russia | 37 | 50.75 | 37% | 39% |
| Macau Property Opportunities | 106 | 150 | 42% | 39% |
| Secure Income REIT | 279 | 322.5 | 16% | 19% |
| Daejan Holdings | 5590 | 6545 | 17% | 19% |
| Mucklow Group | 417 | 476.5 | 14% | 18% |
| Picton Property | 70 | 80 | 14% | 18% |
| Tritax Big Box | 132.1 | 142.7 | 8% | 12% |
| F&C Commercial Property Trust | 126.5 | 136.4 | 8% | 11% |
| F&C UK Real Estate Investments | 93.25 | 99.75 | 7% | 11% |
| Hansteen Holdings | 108.5 | 117.1 | 8% | 10% |
| Mountview Estates | 10385 | 11050 | 6% | 9% |
| Schroder Real Estate Investment Trust | 55.5 | 58.5 | 5% | 9% |
| SEGRO | 448.6 | 498.5 | 11% | 9% |
| MedicX Fund | 85.75 | 87 | 1% | 8% |
| Custodian REIT | 106 | 109.75 | 4% | 8% |
| UK Commercial Property Trust | 79.3 | 81.7 | 3% | 7% |
| NewRiver REIT | 327 | 334 | 2% | 5% |
| Standard Life Investment Property Income Trust | 84.5 | 86.5 | 2% | 4% |
| Primary Health Properties | 107 | 108 | 1% | 3% |
| Grainger | 248.5 | 253.6 | 2% | 3% |
| CLS Holdings | 1585 | 1616 | 2% | 2% |
| St Modwen Properties | 334.7 | 339.1 | 1% | 1% |
| Empiric Student Property | 113.25 | 109.25 | -4% | 1% |
| Hammerson | 590 | 567.5 | -4% | -3% |
| Assura | 59.5 | 56.7 | -5% | -3% |
| Safestore Holdings | 400.5 | 384.6 | -4% | -4% |
| Unite Group | 648.5 | 615 | -5% | -4% |
| Shaftesbury | 958.5 | 905.5 | -6% | -5% |
| U and I Group | 188 | 173.25 | -8% | -5% |
| LondonMetric Property | 164.3 | 150.9 | -8% | -7% |
| McKay Securities | 224 | 205.75 | -8% | -7% |
| Workspace Group | 869 | 769.5 | -11% | -9% |
| Land Securities | 1190 | 1052 | -12% | -10% |
| Kennedy Wilson Europe Real Estate | 1116 | 967 | -13% | -11% |
| Redefine International | 46.11 | 37.55 | -19% | -13% |
| Intu | 317.5 | 273.3 | -14% | -13% |
| Big Yellow Group | 858 | 729 | -15% | -14% |
| Great Portland Estates | 770.5 | 647.5 | -16% | -16% |
| British Land | 762.5 | 608.5 | -20% | -17% |
| Capital and Counties | 362.5 | 288.8 | -20% | -20% |
| Derwent London | 3430 | 2611 | -24% | -24% |
| Helical | 403.25 | 297 | -26% | -26% |
Source: Jefferies
