Now the issue becomes one of establishing whether that discount is merited and what could happen to change that perception.
A recession would probably hurt property values and those trends toward hybrid working and e-commerce are not going away, so they all represent risks.
But, on the upside, London is a global city and one that retains fabulous pulling power for businesses and travellers all over the world.
Nor can Shaftesbury Capital’s assets be easily replicated if at all, a facet which must not be underestimated when it comes to valuing them.
There are three other reasons to take a closer look.
First, Norges, the Norwegian state investment fund, has just bought British Land’s 50pc stake in Sheffield’s Meadowhall shopping centre and it has done so at a small premium to book, or net asset, value (and certainly not at a meaty discount).
If NAVs start to stabilise after a few torrid post-pandemic years, that could be one good sign.
Second, Norges owns a 20pc-plus stake in Shaftesbury Capital. This is not to say a bid is on the cards, but it could make some form of deal more likely, especially as Norges is snapping up other UK assets.
Finally, the Bank of England might indeed get around to cutting interest rates.
This would be a boon for Reits like Shaftesbury, as can be seen from how the UK property sector rocketed in 1993 after a series of rate cuts on the wake of Black Wednesday (shares in British Land more than quadrupled, for example, in a short-lived but very violent rally).
Lower rates reduce borrowing costs and help Reits’ profits. They can boost economic activity and bolster the value of commercial real estate. And they make Reits’ dividend yields look relatively more attractive to returns from cash or bonds.
Questor says: Buy
Ticker: SHC
Share price: 142p
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