Market ConcernsThe equity market remains implacably opposed to London Offices, with concerns ranging from vacancy and costs of upgrading assets to meet high tenant expectations.
Market SentimentThe difficulty is that the equity market has largely turned its back on London Office REITs, such that the shares will continue to remain at depressed levels.
ValuationShares at 300p are now 13% below the TERP, trading at a 37% discount to the end-September NTA announced today.