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Europe-based real estate companies trade at median 10% discount to NAV estimates

Despite the uncertainty surrounding the U.K.'s planned departure from the EU in March 2019, share prices of U.K.-based real estate companies traded closer to their consensus net-asset-value per-share estimates as of Oct. 22, compared to those headquartered in other parts of Europe, according to an S&P Global Market Intelligence analysis.

Altogether, the 112 SNL-covered European real estate companies traded at a median 10.3% discount to NAV. Belgian companies were the only ones to trade at a median premium to NAV, at 27.7%. At the other end of the chart, Torunlar Gayrimenkul Yatırım Ortaklığı AŞ, the only SNL-covered real estate company based in Turkey, traded at the greatest discount to NAV, at 76.1%. Real estate companies headquartered in the U.K. traded slightly above the European median, at a discount of 8.8%.

Among U.K.-based real estate companies, those in the self-storage sector traded at the greatest premium to NAV, at 37.2%, while the healthcare, single-family and student housing sectors also traded at premiums.

The only SNL-covered industrial real estate company based outside the U.K., Belgium-based VGP NV, traded at an 89.6% premium to NAV, the largest premium among all companies examined. The U.K.'s six industrial real estate companies traded at a median 2.5% discount to NAV.

In Europe, the eight shopping center-focused real estate companies traded at a median 31.9% discount to NAV, the largest among all property types on the continent. The U.K.'s only shopping center-focused real estate company traded at an even steeper 43.9% discount.

While global real estate stocks have trended downward so far in 2018, both the SNL Europe Real Estate index and SNL U.K. Real Estate index had outperformed the broader SNL Global Real Estate index as of Oct. 22.

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