Alex Ruus Inovalis REIT INO.UN-T COMMENT Jun 03, 2015

A Paris and German office REIT, and a great vehicle for being focused in Europe. Has done quite well over recent times. A little too small for him. A very successful private company managing a lot of money and this is a vehicle they use for part of their funding.

A small company, all France and a little bit of Germany. A very interesting way to play if you think office tenants will be leaving London and going over to Paris. They do have a larger asset manager behind them. He likes management and the properties. If you believe that something is going to happen and that Paris will benefit from BREXIT, then yes this is the name. He is a little concerned about the French economy.

(Market Call Minute) Global name probably preferred to DRG.UN-T, which was commented on earlier in the show.

(Market Call Minute.) This is France and Germany. It all depends on your view of BREXIT. Thinks it is a little bit complicated.

Inovalis (INO.UN-T) or Dream Global (DRG.UN-T)? There is probably too much duplication to own both. These assets are a little more spread out, and concentrated in France. Instead of buying Canadian names that have exposure to Europe, he is actually going directly into Europe and buying some names.

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Difficult to own. Commercial real estate in Europe. Strategy of owning secondary assets was not the best. Cut distribution. Unless you have a high risk tolerance, don't add to your portfolio.