PE's are of little use in listed property companies, the important measure is the dividend policy / payout. This company is a bit of an enigma to me - they have quality assets, but payout bugger all. I think they are ripe for a takeover. Their market cap is R18bn - compare that to say Growthpoint - R42bn. But their balance sheet is good, so their value lies in what they can potentially do with it - at the current price the market is placing on them, there is a clear expectation for them to do something with the balance sheet - so there is no discount here.