Imagine being able to buy shares in a property company sitting on a prime investment portfolio worth £1.27bn, mainly located in London and New York, for a fraction of the underlying value of those assets. And don’t for one minute think this company has financial problems to justify why its shares are trading on a deep 38 per cent discount to book value. It clearly doesn’t as net borrowings of only £176m secured against these properties at the end of September represent a miniscule 20 per cent of shareholders funds.
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