KLPEF - A 6.5% Yielding Mall Operator Trading At A 10% Discount To NAV: KléPierre
Introduction
In last week's article about Wereldhave (WRDEF), I argued I needed to use a higher required rental yield to take the (lower) quality of Wereldhave's asset base into consideration. If you're operating Tier-2 and Tier-3 malls, you can't expect the market to value you at the same premium valuations as Tier-1 mall operators. One of those Tier-1 companies is Klépierre (KLPEF), a French company focusing on top-tier commercial assets. I first started writing about Klépierre here on Seeking Alpha about 1.5 years ago as I was attracted to