North Star Corporate Finance is delighted to issue its quarterly PAIF Index publication, for the period of Q1 2018. The PAIF Index Q1 2018 maintained the trend, further to the fair value pricing adjustments immediately post the Brexit vote, of low volatility with steady performance demonstrated by a total return in the quarter of 1.0% (1.3% in Q4 2017), albeit a slowing rate compared to the annualised total return of 8.2%. The quarter was an acute demonstration of the large disparity in volatility between open-ended PAIFs and closed-ended listed REITs – with the latter benchmark swinging a staggering 7.3% over two months of the period. Overall the REIT benchmark in the quarter increased 0.8%.
The NSCF PAIF Index provides an integral benchmark of relative performance of a basket of Property Authorised Investment Funds (“PAIFs”), representing a proxy for the performance of the authorised UK commercial property funds market. The PAIF Index is also assessed against a benchmark of a basket of UK REITs, useful in presenting the clear differentials in valuation approaches and volatility between the UK property open-ended funds market and UK property closed-ended listed market. Our publication includes market commentary and major issues impacting the valuations of the property portfolios and market events and drivers.
To download the full PAIF Index Q1 2018 report, click here or on the below image.
For further information or queries, please contact Andrew Mansson-Lowe, Managing Director of North Star Corporate Finance.
North Star offers technical corporate finance expertise with overall project delivery to funds and corporates in the UK and Europe. Our expertise includes structuring and restructuring funds in the UK and cross-border. For more information about our services please get in touch.
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