With what appears to be a 3 way tussle for GTY over a company...

With what appears to be a 3 way tussle for GTY over a company that didn’t meet guidance, has sloppy management and no diversity other than lifestyle villages it makes INA look cheap, very cheap, after today’s update. It makes you wonder if 1 or 2 of these predators turn their attention to Ingenia which, in my opinion, offers a higher quality option. However, for a takeover to be successful it would require an offer closer to $4.00 than 3. The next couple of years should see solid growth as greenfield developments take over from brownfield. The margins are improving (which wasn’t mentioned in the update) the rents are increasing, more retirees hitting the market and tourism booming - this must be as good as it gets for a core holding.