Following the announcement of the disposal of Vauxhall Square, the 10 for 1 share split and our estimate of 2017 property valuations we have revised our forecasts and adjusted our target price. We have also adjusted the 2016 result to show a pro forma performance thus making it easier to compare the 2017 forecasts. The shares are trading at a 20% discount to our 2017F year-end EPRA NAV forecast of 250p/share which we believe is too large. We have increased our target price to 234p/share from ....