Index for the Continent
Global Property Research in Amsterdam constructs three main index series. It also constructs and maintains indices customised to the wishes of clients, such as the HIEPS index for Henderson Investors. The indices are global performance indicesThe European continental index is described below.
The broadest index GPR constructs – both in terms of members and history – is the GPR General Real Estate Securities Index. This has a base date of January 1, 1984. The GPR General European index tracks the performance of 166 (September 1999) European property companies in 15 countries. Combined market capitalisation is e125bn. The weight of the companies in the index is determined by market capitalisation, and the index includes the performance of the German, Austrian and Swiss bank funds. The breadth and long history of the index make it the best indicator of property shares available.
The GPR General Quoted Index is derived from the GPR General Index. The difference is that the GPR General Quoted does not track the performance of the bank funds. The GPR General Quoted Europe follows 133 companies.
In contrast to the other two indices the GPR 250 Property Share Index is a free-float weighted index. The weights of the companies in the index are determined by their available market capitalisation. The GPR 250 Index tracks the performance of the 250 most active property companies worldwide. The member list is determined by looking at the share turnover in all property companies. The GPR 250 Europe now tracks 88 property companies with a combined free float market capitalisation of e50bn.By looking at active companies and free float, the GPR 250 is the easiest index to replicate by institutional investors. The start date of the index is January 1 1990.