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.

You might be interested in…

About Bullpen: Bullpen Finance Inc. publishes content on Canadian markets and provides paid research coverage of select Canadian issuers. Bullpen is paid in cash by covered issuers, does not accept stock or options, does not hold positions in covered securities, and does not conduct investment banking business. Bullpen and LodeRock Advisors Inc. are affiliated; LodeRock provides investor relations services to issuers, some of whom are covered by Bullpen Research. When a post discusses a covered issuer, a specific disclosure appears at the top of the post. This post is published for general information purposes. It is not personalized investment advice and is not tailored to any individual reader’s circumstances. Bullpen is not a registered investment adviser or dealer. For full disclosures, including analyst certification, jurisdictional statements, and conflict of interest policies, please see our Legal & Disclosures section on our website.