Agree. Management have been very poor. That Harris street transaction was effectively the top and sell signal.
I've learned with REITs you can't buy them pro cyclically especially when interest rates are low.
You have to act counter cyclically.
The structure of a REIT and the incentives mean its difficult for management to act this way.
However this announcement is good news because Lederers are a family office with a decent stake, longer term capital and will want to make money. They have someone on the investment committee to keep an eye on management.
Good article in The Australian about the deal. Will post quotes later.
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