For investors who plonked down money in IREIT's IPO at 88c a unit, they must be feeling somewhat relieved that the turmoil in the European markets, following the move by Switzerland to scrap a 3 year peg to the Euro, sending the Swiss Franc sky rocketing, has not affected IREIT's unit price. However, I have a faint suspicion that this feeling could give way in time to come. I did not take part in the IPO partly because I didn't like the fact that it was priced at a hefty premium to its NAV of 78c per unit. When we are buying real estate, we must have a very good reason to pay a premium to valuation. If it is a hefty premium, the reason must be even better. Often, it is on some expectation that the piece of real estate would provide higher returns in future either in the form of higher rental income or capital gain. However, I have difficulty seeing both or either one ......