The group’s strategic focus on Poland is unique within the UK-listed property sector and at a current 50% discount to forecast NAV, its shares attractively priced. Management has stabilised the group’s underlying financial performance in the last two years by reducing costs and raising new equity, while material write downs in the value of underperforming assets should help insulate NAV from further declines. A portfolio broadly uncorrelated with UK equivalents represents an interesting hedge an ....