Capital Shopping Centres' (CSC) share price tumbled at the start of this week following concerns that its portfolio is overvalued, based on current letting evidence. In its third-quarter interim management statement on Monday CSC revealed there had been a regression in pricing on lettings over the three months. Long-term lets were agreed at an average 10% discount on estimated rental value (ERV), which compares with only 2% in the first half of the year. CSC attributed this to significant discounts on only six of the 56 deals concluded.
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