RE:CIBC comments on spin-out" as PMZ is up 42% while HR is down 29%"
Some paralel to earlier comment. They sold (spun off) at the bottom, at a time when retail was unpopular and unwanted. Retail stabilized since and its perception improved.
They are in the process of repeating the buy high sell low approach. Selling/sold assets at their low (office) while shifting into multi family at its high.
Admittedly not 100% certain of the above perception, but do believe it might have some degree of accuracy worthy of contemplation.
GLTA