In the Us reits are trading 8% below net asset value.
Land Securities and Britosh Land are traing below NAV by as much as 20%.
This means is that sharehodlers suspect that NAVs could be heading downwards.
This is a particularly bearish sentiment given that the best propoerty companies tend to create value through
- development
- refurbishment and
- land deals,
even when times are hard.
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