Greenbay Properties, the share price of which has plunged nearly 50% in 2018, appears to be taking steps to stem the tide. The group went from being among the best-performing real estate stocks in 2017 to one of the worst in 2018. The infrastructure and real estate group will buy back up to 4.99% of its issued share capital, saying: "It is in the best interest of shareholders to proceed with the proposed buy-back, due to the fact that the price at which the shares of Greenbay are trading currently represents a significant discount to the intrinsic value of the company. "A reduction in share capital will therefore have the effect of increasing the net asset value per share of the company." Resilient group It owns shares in listed infrastructure and listed real estate companies and invests in direct property in Europe. Greenbay forms part of the Resilient group of companies, the members of which have lost significant value in 2018 following critical reports by asset managers and hedge...
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