says that the public real estate
securities market has already
rebounded, although it has not
recovered fully.
“For example, if you had
something worth $100 in 2007
and it fell by 70 percent to $30
in 2008, then rose at the end of
last year to $60, a lot of people
would see that as having dou-
bled their investment in 2009,”
Bigman says. “But the value is
still down by 40 percent from
its high.”
Bigman says that the public
real estate securities market has
rallied on the basis of the recov-
ery of debt markets, the hope
that asset values are recovering
and the fact that most of the
companies have successfully
recapitalized. He says that with
so few transactions, though, it is
difficult to estimate values.
Michele Lerner is a regular contributor to REIT.
Top Holdings
Sun Hung Kai Properties Ltd
Westfield Group
Mitsubishi Estate Co. Ltd
Simon Property Group Inc
Mitsui Fudosan Co. Ltd
Equity Residential
Unibail-Rodamco SE
Hongkong Land Holdings Ltd
Sumitomo Realty & Development Co. Ltd
China Overseas Land & Investments
(%)
6. 59
5.03
4. 20
3.92
3. 79
3. 36
3. 17
2.92
2. 34
2. 31
