The article probably explains a lot of the strength, along with the high discount to NTA, especially while the JPY strengthens.
If Japanese funds are coming into Oz Reits then it makes sense for them to put it into discounted Japanese property funds. The article mentions one risk being currency for the Japanese funds, but this risk is taken out by investing in a JPY derived REIT.
Ann: Off-Market Buy-Back Booklet-AJA.AX, page-9
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