Slate Grocery (SGR-U) was up 6% Friday after announcing it’s reviewing strategic alternatives following a bid from its external manager. Unlike the $1.1B takeout of the office REIT, the retail REIT isn’t distressed…

… with steady rent growth and occupancy, similar to the Canadian peers.

Despite that and Choice’s $5B First Capital deal coming at an 8% premium to NAV, the basket still trades at a discount to reported fair values…

… creating an interesting setup for private capital, or for public investors betting on a sentiment shift.