Artis Real Estate Investment Pref Shs Series E T.AX.PR.E

RE:RE:Large TD block buyer from July-August, 16

[EstevanOutsider]

Large block buyers often have to shop around for inventory with other dealers. It probably isn't easy to find a dealer with 950,000 units of Artis able to transact in a single shot. Buying that many on the open market in small lots may be costly and time consuming. It may also result in the price shooting higher. Also some of the volume was done on the dark pool exchanges (chi-x, liquidnet) where offers and bids are conducted anonymously so you can't see them in a bid engine to keep full anonymity - often a tool used by large buyers/sellers of institutional nature to prevent others from knowing they are exiting or entering a position which may result in retail bidding up a security.

TD as the buyer and seller just mean the buyer & seller both had accounts at the bank from my understanding. It isn't all the same two brokers

I just wonder who had inventory of that magnitude to sell to the buyer?

Overall I consider it bullish by nature of the tight liquidity structure of Artis.

SNAKEYBOY wrote: Today TD was also the seller... was the sellers always different? I don't know much about block trades but when I see persistent buyers for other Reits... prv, sot, nwh, it seems to be just by accumulating 25% of shares that day.  I'm sure it's easy to buy in open market as well given the liquidity 

"Every one of these non-public exchange services operates according to its own rules when it comes to block trades, but what they have in common is relationships with hedge funds and others that can buy and sell large blocks of securities. By connecting these large buyers and sellers, blockhouses and dark pools offer the ability to make often enormous trades without roiling the markets"