I have no doubts that the new RE will progress some sort of acquisition. TOF currently has low gearing and I haven't yet seen an RE which missed an opportunity to expand the portfolio under management!
Having said that, their acquisition and the impact on earnings could be different and have a lesser impact on earnings. They could actualy buy into another REIT or have a capital raising and make the fund much bigger - REs in my experience also like to build their empires!
Alf
I have no doubts that the new RE will progress some sort of...
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