Axia is going hostile on Plaza Retail REIT (PLZ-U), making a $1.2B bid that sent shares up 11% - with the asset manager arguing PLZ’s discount to NAV is forcing property divestments to fund CapEx.

With First Capital in April, Slate Grocery in May, and now this potential deal - it’s clear that there’s demand for retail REITs right now. Unsurprising, considering the relative resilience the category has shown…

… which is slowly being reflected in public valuations, with NAV discounts narrowing since Choice (CHP-U) kicked off this wave of M&A.

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