The sizes of the discounts to their latest published net asset value at which some of the big property companies are trading are truly startling. British Land’s shares are about two thirds of the last figure; Land Securities are at 70 per cent.
By contrast, Segro is trading at a slight premium, the shares up 14½p to 519½p after the publication of half-way figures that contained a NAV figure up 5.4 per cent to 504p and a 4.9 per cent rise in the value of its portfolio to £7.3 billion. This is because the others are exposed, to whatever extent, to a London property market that some fear is vulnerable to a post-Brexit downturn.
Segro has located itself in recent years in exactly that part