RE:RE:If D is so undervaluedHard to say, but yes recent prices go even higher, if there is development potential.
Besides that if Dream continues to buy, it remains to be seen, Artis is obviously still doing it, its a reversal off the story to a complete 180 degree uturn. From inside selling to buying. From big supply to squeeze. To insiders seeing a turn in the office market.
I still belive we need to go to 2027 to really see a complete utrurn in unit price and new highs.
One element that is not discussed, is the reversal in fortunes in multifamily, according to blackrock the construction prices are comming down in all regions. All things equal, this makes land, and development projects more valuable.
If you add on top that the Canadian government removed VAT on new built residential, accordingh to my memory. Even Copper was out same week, and saying many projects would come online because of this.
This again pushes up value off Dream Offices 3,2 million sq feet rights. But also the rest off the portefolio. that is rather small buildings, on highly attractive locations. That open up possibilitires for agressively increasing the residential building rights volume, with time.
I hope Dream Office remain independant. Because if we then manage to add on also falling rates, which is likely with canadian inflation at a low point, this cake could go to hot from not.
I want to hole run up. Not a buyot, unless at NAV.
I hold 100t units hardly enough to block anything, or even have my say.
But I believe Artis in in this for the same reasons. The full run.
When office Turns around, and its obvious for all in 2025, we will possibly hit 40-45. But when rents rise, and vacancy dwindles, and residential rigths come to light. We could see completely new levels. Also due to the reduced share count.