It's a nice thought, but I don't think this aligns with the...

It's a nice thought, but I don't think this aligns with the incentives for any REIT manager.

Let's fast forward 3 - 5 years IMO the mgmt team would prefer a fund of $600M FUM (any properties really, though long WALE seems to be current preference). Instead of of a subscale $150M agile investment vehicle (i.e. TOT's historical 'opportunitistic mandate') from 2013 - 2021 which used to yield good returns, but never grew FUM.

There are a handful of incentives that would favour this:
1) 0.6% mgmt fee on $600M = $3.6M pa, would be profitable, and also create mgmt rights worth ~$20 - $30M in the event of a takeover.
2) incentives is the acquisitions fees - typically 1% on purchases, an extra incentive for growth (FUM not NTA).
3rd layer of incentives, is the debt capacity that comes with being a pure property play. Easy to get leverage of ~40% against long WALE assets.
Therefore another ~$240M of acquisition capacity without raising further equity. Spend it up for another $2.4M of acquistion fees + $1.5M pa mgmt.

This is based on my experience watching A-REIT's for past decade. I still like the sector, but with a cautious skeptiscism.
Irongate is as good an example as any.... spending sprees, and raising new capital every 6 months. To boost FUM ahead of NTA.... Stamp duty is a handbrake on NTA (plus continual dilution of equity).

I also don't think the group would bother with the call option on the 3 properties if they weren't going to execute on them, as the 1H preso seems like it's definitely going ahead.