Everything you locked — the revalued property, the development margin, the assets carried at face, the debt at par — now snaps into a single bridge. Add the assets, subtract the liabilities, divide by shares. This is the number you came here to build.
The arithmetic is trivial. The work was getting each input right: a property GAV built on your cap rate, a development credit that takes only the margin, assets at face, debt at par. Here you watch them combine — and watch how the whole answer pivots on the one assumption you fought hardest for in SM2.
The component lines are given (from your carry-forwards). Compute Total assets, NAV, and NAV / share, then check against the model. The cap-rate slider re-runs the whole bridge live so you feel the leverage.
| Real-estate GAV — in-place (stabilised NOI ÷ cap, SM2) | 1,503.6 |
| + Development margin (SM3) | +21.7 |
| − Capitalised management fee | −32.9 |
| = Total property GAV | 1,492.5 |
| + Other assets at face (SM1) | +166.3 |
| = Total assets | — |
| − Debt at par (SM4) | −1,074.0 |
| − Other liabilities (incl. def. tax on revaluations) | −20.0 |
| = NAV (€m) | |
| ÷ Shares outstanding | 56.0m |
| = NAV / share (€) |