Ann: IAP receives revised indicative proposal from 360 Capital, page-6

360 Capital did buy IAP shares at a discount, but all of the office REITs (IAP is about 70% offices) were trading at big discounts back when they were buying-up (January, 2021).

As you can see below, IAP's share price outperformed the broader REIT market (about 6%) one week before the take-over announcement (11/10/2021), suggesting a decently run REIT.

A knock on IAP is that they have communicated poorly the funds management business, until very recently. As they reported in the most recent investor presentation (December, 2021), they have circa $1.8b assets under management (or soon to be managed), a side of the business that only started 18 months ago. Hopefully they continue to provide details on the funds management business going forward.