The steady recovery in European retail-focused listed property has translated into stronger share prices, improved distributions, and rising Net Asset Values. After several years in which European retail property NAV was largely a discussion about value erosion and widening discounts, it is again becoming a constructive part of the investment debate. In our view, this shift warrants a look at how European retail listed property stocks are trading relative to their NAVs (those at premiums and those at discounts), and what it generally means for investors, especially South African based investors with almost 21% of the total SA listed property sector’s exposure being located in Europe (and the majority of that exposure being to retail assets).