Embassy REIT: Is this “Blackstone” promoted REIT is real diamond?

Hi

Q1 results for both Mindspace and Embassy seem good and the reaction to global office space tends seem to be over played here in India. Another thing that I have been considering the discount to NAV.

As per investor presentation for Singapore Mindspace has shown NAV as on Mar-23 to be Rs.371.9 (not sure why not mentioned in the Q1 earnings release).

Embassy Reit NAV as per annual report on Mar23 is Rs.394.88.

Both REITS are trading at strong discount to NAV and historically when this has been the case the medium term price should correct closer to NAV?

Thanks