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EPRA Monthly Brief
February 2021
We are now in full year-end reporting season, and it is very encouraging to see so many of EPRA members showing resilience and confidence for the future. It is also the first time that companies with December as fiscal year-end are officially adopting the new EPRA Net Asset Value metrics (NRV, NTA, NDV).

The compliance with the new NAV will also be at the core of this year’s Best Practices Recommendations Awards. In case you would require any further assistance in relation to the adoption of the new NAV disclosure, please contact randa@epra.com.

On another note, our plans for the EPRA Conference are continuing to evolve. Whilst we are aware a fully physical conference will unfortunately not be possible, we are still aiming for a hybrid event allowing many of us to network and meet again. We will maintain our usual macro-economic outlook but are also introducing panels on wellbeing and building design as well as ESG to reflect the new normal as we emerge from the pandemic. Registration will open soon, and sanitary measures allowing, we hope to see as many of you as possible in person again.

Finally, and as always, I would like to welcome our latest members: DeA Capital, Home REIT and SF Urban Property AG.

 
Dominique Moerenhout, EPRA CEO
EPRA news

Trends and key figures of the real estate sector on Euronext markets

EPRA was proud to once again partner with Euronext and introduce the second issue of the Real Estate Barometer, highlighting the sector trends and key figures throughout H2 2020 on Euronext’s capital markets. The stand-out markets were Norway, France and Benelux, with Residential, Industrials and Self-Storage being the best long-term performers. The report highlights that listed real estate remains the most liquid and accessible way to invest in this important asset class, with ESG at its core, for both institutional and retail investors allowing instant access to capital. Find out more about key insights on performance, sector valuation, trading and capital markets activity of as well as sell-side coverage, ESG trends and the impact Covid-19 has had on the sector. See the full Barometer.

Listed REITs in Europe – an update

Fourteen European countries have already recognised a public benefit to incentivise real estate investment through public markets and have introduced REIT legislation to maximise returns through an effective tax pass-through. These 14 countries now represent 78% of the entire listed real estate market in the EU and 85% of the bloc’s GDP. How can the EU Capital Markets Union further increase the benefits that the growth of listed REITs has brought to the EU? Discover the EPRA leaflet which will guide you through the purpose and function of a REIT regime, and detail what an ideal listed REIT in Europe would look like.

European Commission welcomes EPRA feedback on EU Taxonomy

In its letter, the European Commission welcomes EPRA's feedback on the screening criteria used for real estate activities in the EU Taxonomy Regulation. EPRA recently raised the point with the European Commission that out of the three major economic activities which will be considered ‘sustainable’ for buildings, two are exclusively focused on construction or acquisition of new buildings. EPRA believes that ‘acquisition of existing buildings to renovate’ should also be considered a sustainable economic activity. Following the feedback given by stakeholders, the Platform on Sustainable Finance will now provide a technical advice to help improve the draft regulation. You can read the original letter to Commissioners McGuinness, Simson and Timmermans on EU Taxonomy and the objectives of the European Green Deal and EU Renovation Wave Strategy here.
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