A reader, Ray, brought to my attention an article in TODAY. This was in the comments section of a recent blog post. To read the comments, see: REITs with pedigree are safer? - Comments. A few lines from the article concerned: ... it must be said that REIT managers have mostly had to acquire their properties on the higher side of valuations if only because it is the only way they can get the owners to sell it to them. A REIT can get a property on the cheap only when the owner is ignorant of its true market value or if it is a forced sale - many investors still do not realise this. At the same time, the REIT manager can only justify the acquisition to shareholders if it is yield-accretive. Otherwise, the REIT is better off not doing anything. ... As more properties in Singapore are acquired by the ......