Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>European retail REITs still trade at an aggregate discount to EPRA NTA, but NAV has re-entered the investment debate as balance sheets stabilise and the sector moves beyond the cycle.</li>
<li>Discounts must be read alongside leverage and interest cover. The same headline discount can indicate value with low LTV, or justified risk where balance sheets are stretched.</li>
<li>South African-linked landlords such as NEPI Rockcastle, Castellana Properties and Lighthouse Properties trade near or above NTA, highlighting the role of investor base, liquidity and operational momentum.</li>
</ul>


European retail REITs still trade at an aggregate discount to EPRA NTA, but NAV has re-entered the investment debate as balance sheets stabilise and the sector moves beyond the cycle.
Discounts must be read alongside leverage and interest cover. The same headline discount can indicate value with low LTV, or justified risk where balance sheets are stretched.
South African-linked landlords such as NEPI Rockcastle, Castellana Properties and Lighthouse Properties trade near or above NTA, highlighting the role of investor base, liquidity and operational momentum.


Net Asset Value In European Retail Focused Listed Property

Netherlands

Wereldhave NV is a Dutch listed property investment company. The Company invests in shopping centres in North-West Europe focusing on 'convenient shopping': Easily accessible shopping centres, providing for 90% of retail needs, with easy and social shopping, food and beverage functions and a mix of (inter)national tenants.  Wereldhave also invests in sustainable offices in Paris.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Wereldhave NV (WHA NA)

Net Asset Value In European Retail Focused Listed Property

European retail REITs still trade at a discount to EPRA NTA, but NAV is back in focus as balance sheets improve and the sector progresses beyond...

Golden Section Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Net Asset Value In European Retail Focused Listed Property

​European retail REITs still trade at a discount to EPRA NTA, but NAV is back in focus as balance sheets improve and the sector progresses beyond...

Golden Section Capital

European retail REITs still trade at a discount to EPRA NTA, but NAV is back in focus as balance sheets improve and the sector progresses beyond...