Britain’s two biggest REITs, British Land and Land Securities, both reported published annual reports showing significant NAV increases this week. For the first time since the middle of 2009, both are now trading at a reasonable discount to NAV.
Laughing in the face of the efficient market
Britain’s two biggest REITs, British Land and Land Securities, both reported published annual reports showing significant NAV increases this week. For the first time since the middle of 2009, both are now trading at a reasonable discount to NAV.
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Good spot Lemondy. I’m long LAND, QED, DJAN and LLOY (which I consider partly a play on commercial property due to the dodgy HBOS loan book).
I wish I’d split my LAND holding into British Land, which has proven to be more robust than I gave it credit for.
Investors looking for a one shot solution might also consider Henderson Global Property (HGPC), which is on a likely 7% or more forward yield, and a 10% discount to NAV (which itself comprises discounted REITs).