Markets seem to be bullish as there are more IPOs coming in the 2nd half of the year than the first. Today, we look at the latest REIT IPO  - IREIT GLOBAL. To give a little bit of some of the macro background on this IPO in case you have not read the prospectus. They are the first SGX listed office REIT with an investment mandate solely focused on Europe, with an initial 4 properties located in Germany (Bonn, Darmstadt, Munster, Munich). Also, based on the Q1 data, it appears that the office market is in the upward trend of the accelerating phase, which makes it favorable if you are in the landlord position. Again, all this would depend back on the macro factor of the economy. The consensus believes that the recent ECB interventions - particularly its pledge to support the sovereign bond markets through the OMT facility ......