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Investment Trust Insider : F&C discount flags value in property trusts

Investment Trust Insider on HgCapital 1

Investment Trust Insider : F&C discount flags value in property trusts

James Carthew, head of investment company research at QuotedData and Investment Trust Insider columnist wrote the following article:

Investment Trust Insider : Trust buster Lazard World gets fatal taste of its own medicine

Discounts seem to be widening in the property sector again but Intu (INTU), the retail property group, is bucking the trend as it may be a target for a cash offer from a couple of its largest investors.

The shares jumped on the news last week although given Intu traded on an enormous discount of over 50% to its last published EPRA net asset value (NAV) of 309p per share at the end of June 2018, the spike still leaves 39% below NAV, meaning it could be snapped up for a bargain price.

Intu’s share price has been on a marked downward trend this year after the abortive Hammerson deal but it is not alone in this. There has also been some recent weakness in the share prices of the mainstream property trusts but the discounts that are opening up are nowhere near as dramatic. F&C UK Real Estate Investments (FCRE) appears to be on a discount of nearly 12%, Picton Property Income (PCTN) has recently moved out to a 6% discount and UK Commercial Property (UKCM) real estate investment trust (Reit) trades 8.7% below NAV…

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Investment Trust Insider : Trust buster Lazard World gets fatal taste of its own medicine

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