As a real estate player, IGD is affected by changes in asset values, refinancing risks and potential dividend cuts. The current environment calls for prudence when rethinking estimates; despite these factors, IGD still offers investment positives including a high yield and positive inflation link. The sector is starting 2023 from a low base 2022 saw the European Real Estate sector lose 40% of its market cap and we start 2023 with the sector trading at a substantial discount to our NTA forecasts ....