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Analyses on Kardan N.V-M (4)
- May 24, 2026
- March 26, 2026March 26, 2026
- Follow-up
Kardan: How Stable Is Dalian's Occupancy When More Than 80% of Leases Roll by 2028?
Year-end 2025 occupancy in Dalian is real, but its durability is still unproven. NOI rests on softer economics in hard-to-lease space while 86.1% of leases roll by 2028, so the real test is still ahead rather than behind.

- Follow-up
Kardan: How Much of Dalian’s Value Can Really Move Up to the Parent by December 2026?
Galleria Dalian’s value does not move up to the parent one-for-one: after the project loan, a short-time sale discount, taxes, selling costs, and syndicate restrictions, the amount that can realistically travel up the chain by December 2026 is far below the EUR 96.2 million head…

Kardan N.V. in 2025: Dalian Stabilized, but the Value Is Still Stuck Beneath the Debt
In 2025 Kardan looks less like a story about a broken mall and more like a story about value that remains trapped beneath debt and upstreaming constraints. Dalian is stabilizing, but December 31, 2026 will still be judged by monetization and upstream cash movement, not by NOI al…




















