Implicit versus Explicit valuation:

Research for the IPF Report on Turnover-based leases, found that across continental Europe, valuation of shopping centres using a growth explicit (DCF) model was reported as standard practice. In the UK, DCF valuations were only found to be confined to a cross check to the implicit valuation model for shopping centres.

Should DCF valuations become standard practice?

The full version (IPF Members only) and summary version of the IPF Report: Turnover-based leases, the issues, drivers and challenges, a survey of best practice can be found at

https://www.ipf.org.uk/resourceLibrary/turnover-based-leases-survey-of-current-practice–october-2021–summary-report.html