Real Estate Reflections: Cap Rates Creep Higher

March was a mixed month for the property sector where interest rates are typically a key driver of LPV sector performance, but despite a -40bp fall in long bond yields in March the property sector fell -1%; Ahead of FY23 results, which will be reported in May, four property companies released 2H23 revaluations which saw asset values continue to decline and gearing increase.