Finally, looking at valuation, European banks traded at a material discount to tangible book value, one standard deviation3 below their
historic forward price - earnings multiple, and
near a 20 - year
low relative to global banking peers as the year came to a close.4 We are also finding select financial
sector values in Asia, in both mature, under - earning banking markets like South Korea and Singapore, as well as underpenetrated, growth - oriented markets like China (particularly in insurance) and India (particularly in banking).
Cap rates for single tenant properties remained
near historic lows for retail, office and industrial
sectors in the second quarter of 2013 due to the continued high demand for this asset class.