Capital growth from non-listed real estate funds in continental Europe increased to 1.0% in local currency in the first quarter of 2011, according to the latest INREV Quarterly Index. This marks a turnaround on the last four quarters, when performance in continental European markets was driven by income returns and capital growth rates stagnated. Total returns were 1.6%, virtually unchanged from the fourth quarter of 2010 (1.9%). Income returns were typically lower due to higher year-end dividends paid out by continental European funds in the last quarter of 2010.
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