European listed real estate fell by more than 11.3% last year, with only Switzerland posting a positive return of 10.8%, according to the Global Property Research (GPR) 250 index. Poland performed worst among European markets, dragged down by the company-specific performance of Global Trade Centre, the only Polish constituent of an index that tracks the 250 most liquid listed equities. Spain followed with -58.4% – and the index’s worst performer, Immobiliaria Colonial – ahead of Italy, which posted -43.7%. GPR analyst Jeroen Vreeker said: "Why we’ve seen a drop in the last quarter is a difficult question. There is an overall macro aspect, which is probably the most important factor. Company-specific factors may also have played a part."

 IPE