EPRA Monthly Brief
February 2020
On February 14, we celebrated 15 years of partnership with FTSE Russell and Nareit at the London Stock Exchange. When we first launched the Index in 2005 there were 307 companies in the FTSE EPRA Nareit Global Index representing a market cap of EUR 546 billion, which has now grown to 477 constituents globally, representing a total market cap of EUR 1.68 trillion. This clearly demonstrates investors’ appetite for this liquid and diversified asset class. The past 15 years have seen a number of changes in the European market: the development of REIT regimes across now 14 European countries, companies moving into an operating-style, the growth of new niche sectors such as residential, healthcare, student and social housing and industrials. All of this has obviously had a huge impact on the growth of the Index, and I very much look forward to the next 15 years and the further expansion of the sector.

For now, we have an exciting month ahead. Following two European workshops on the updated NAV metrics, the presentation of the 2019 Real Estate Barometer in partnership with Euronext and the first Zurich-based edition of the EPRA Real Estate Digest event, our investor outreach activities will then move to Italy. Later in the month we will also be meeting insurance companies to explain to them the changes to the capital requirements under the Solvency II legislation. I will let you read more about our upcoming events and activities in the core of this email.

And as always, I would like to welcome our newest members, Columbia Business School, FCR Immobilien and Noval Property.

Dominique Moerenhout, EPRA CEO
EPRA news

Sweden: the property success story of 2019

According to data from EPRA's latest quarterly Total Markets Table, Sweden was the fastest growing listed real estate market in Europe in 2019, growing by 59% in terms of market cap in the 12 months to end of December 2019. The Nordic commercial property market has increasingly been seen as a safe haven asset, following persistently low interest rates and trying political and economic conditions globally. Sweden is among the largest listed real estate market in Europe, while Germany, with a more residential-specialist market, maintained its leader position for 2019. UK’s listed real estate market increased by almost a fifth in the last quarter, pushing the UK closer to Germany at the top of the European table, following increased political and business certainty. Access the interactive infographic, download the full report and subscribe to our quarterly publication.

A European non-financial reporting standard

Since 2018, the EU Non-Financial Reporting Directive (NFRD) requires large listed companies, banks and insurance companies to disclose certain non-financial information related to the social and environmental impacts of their activities. At the end of 2019, the European Council called on the Commission to consider the development of a European non-financial reporting standard, and the review of the NFRD has been announced as part of the European Green Deal for Q3 2020, to strengthen the foundations for sustainable investment. Earlier this week, EPRA provided input on the Commission’s inception impact assessment. In our response, we explained the purpose behind the EPRA Sustainability Best Practices Recommendations (sBPR), which provide investors with material, comparable and consistent ESG data for European listed real estate companies. By facilitating access to a specifically tailored industry standard, EPRA enabled, in particular smaller companies (not covered by the NFRD) to disclose non-financial information on a voluntary basis, allowing them to remain competitive while demonstrating that they are managing ESG factors and improving their performance over time. Such an approach is proving to be successful for our sector, as we observe a decrease in the correlation between the size of listed property company and the quality of sustainability disclosures. We believe that a European non-financial reporting standard can bring many benefits as long as it includes existing successful industry-tailored standards.

EPRA activities’ highlight

Discover our events’ programme for the next couple of months:
  • If you want to find out more about the latest update to the EPRA NAV metrics and CapEx disclosure and how this will impact companies’ financial reporting join us for the New NAV & BPR Guidelines Workshop in London on March 16 (in partnership with PwC), and in Paris on March 19 (in partnership with KPMG and FSIF). More information.
  • EPRA, in partnership with Euronext, invites you to the presentation of the 2019 Real Estate Barometer on March 17 in Brussels. More information.
  • Join us for the EPRA Real Estate Digest event in Zurich, ‘Sheds & Meds: a growth story’, on March 18, with Aedifica, Tritax Eurobox, VIB Vermögen and B&I Capital. Register here.
  • Save the date for the annual Bloomberg Intelligence & EPRA European Real Estate Summit on April 22 in London. We will explore how valuations and property funding may be challenged amid the current economic outlook, how technology can be harnessed to enable change, as well as discuss sustainable financing, capital allocations and regulatory matters. More information.
Additional reading
Selection for your agenda
EPRA is the European Public Real Estate Association 

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