Land Securities – with 107 properties in their portfolio and a mixed-use model approach to real-estate investments, may be well positioned to ride out Brexit uncertainties. Growth is coming from the destination and consumer convenience properties, as well as a strong London office portfolio. The company has a strong balance sheet and less leverage than its peers, with a gearing ratio or 22%. Discounted from NAV by 38.5%, a P/B of 0.61 and yielding 4.13%, we see a real value trade here. The sector is unloved by the market, but a recent bid for Hammerson by the European based Klépierre, suggests those outside of the UK see much more value here than those on home soil. The chart suggests we could be at a market bottom and could be on for a break out of the triple-top. We see an initial potential upside of around 16% to 1120 GBX.