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Net Asset Value In European Retail Focused Listed Property
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SUMMARY
- 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.
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- Net Asset Value In European Retail Focused Listed Property05 Mar 2026
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