Last week, we finally gotten more information that the sale of IREIT Global’s manager will take place.
The new management now will control 80% of the REIT manager with the other 20% held by Shanghai Summit group, which is Tong Jinquan’s vehicle.
There will be movement in terms of personnel as well. The current CEO and CIO would have to resigned.
They are also expanding their investment mandate to cover all commercial income producing assets across Europe.
I thought this is a big move. When you remove management, it is either you want to out someone more competent in the position, you want this vehicle to shift its direction and want less resistance.
I certainly feel it is the latter. However, there is always chances I am wrong in that, if the mandate is to expand the kind of assets this Reit can take in, and the manager lacks competency in ......