In this episode of In the Money with Amber Kanwar, real estate
investor Michael Missaghie of Arch Corporation isn't just waiting
for the real estate market to turn, he's actively making it
happen. His firm was behind pushing for the sale of InterRent.
And he says that's just one of many REITs poised for a takeover.
He names who could be next!
Missaghie gives a behind-the-scenes look at the InterRent
(IIP.UN) deal, where his firm took an activist stake to push for
change. He breaks down how the transaction unfolded, why it
cleared the market, and what it signals about the next wave of
REIT consolidation.
He also weighs in on the brewing trouble in Canada’s condo market
and how distress in that space could get a lot worse before the
next wave of opportunity.
In the mailbag, Amber and Michael tackle some of the most
talked-about real estate names: H&R REIT (HR.UN), First
Capital (FCR.UN), Minto (MI.UN), Mainstreet (MEQ), Allied
Properties (AP.UN), and the recent Go Residential IPO. He weighs
in on who’s in play, where value is being missed, and why office
REITs are still a tough bet despite return-to-work trends.
To close the show, Michael shares his top three REIT picks right
now: BSR REIT (HOM.U), a TSX-listed U.S. apartment play;
Chartwell Retirement Residences (CSH.UN), a premium seniors
housing name with M&A appeal; and Brookdale Senior Living
(BKD), a U.S. turnaround story trading at a deep discount.
If you're watching REITs, real estate, or M&A trends, this
episode is packed with insight.
Timestamps
00:00 Show Intro
02:20 Michael’s approach to real estate investing
04:20 What did staring during the crisis of 2008 teach him?
05:35 Investing in public and private real estate
08:45 How does the private market inform investing in the public
market
10:00 Is the market turning? Signs of inflection
11:00 There’s trouble in the condo market, and there’s more to
come
14:50 Missaghie talks about his push for the sale of
InterRent
20:00 M&A and opportunity in the sector
22:20 Should we expect to see more activism from Arch &
Anson?
23:30 What’s Michael’s long-short book? What’s the characteristic
of things he’s shorting?
25:00 ITM Mailbag: H&R REIT stock (HR.UN.TO)
29:30 First Capital REIT stock (FCR.UN.TO)
32:20 Minto REIT (MI.UN.TO)
36:40 Mainstreet Equity stock (MEQ.TO)
39:10 Dream Office REIT & Allied Properties REIT (D.UN.TO,
AP.UN.TO)
42:50 Go Residential IPO (GO.UN.TO)
44:00 Pro Picks (HOM.UN.TO, CSH.UN.TO, BKD)
Sponsors
This episode is sponsored by BMO InvestorLine. Learn more at
https://wealth.bmo.com/wealth/onboard/onlineinvesting/#/set-expectation?lang=en&ecid=pr-2886232INV1-JNBMO20
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit raymondjames.ca today to
discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit
ATB.com/inthemoney for more information.
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In the Money delivers expert stock picks, market analysis, and
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Kanwar, each episode features interviews with top portfolio
managers and financial experts. Covering everything from ETFs and
Canadian stocks to global investing trends, dividend strategies,
and risk management, this show is made for DIY investors, stock
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