Yeah, the whole thing stinks like manure.
I would also say that since Citycon itself highlights EPRA NRV more generally, it would perhaps be more relevant in this case. Citycon also has quite a few development projects underway, so when valuing what the correct book value would be, wouldn’t 7.64€ be what they’re aiming for in arbitration?
It’s just weird that they would start selling at 2.90, when the company is improving its earnings all the time and selling 3 assets for a price that corresponds to 79% of the entire firm’s current market capitalization. They have also been gradually redeeming hybrids, so there’s definitely a strange twist going on. The hidden value will pop up the moment the Cat Man (Kissamies) says the word.