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The recent development on the change in ownership of First REIT  causes some uneasiness in me. The change does not have a direct impact on the REIT and it also provided opportunities for it to expand new territories in Japan and China.

So why the uneasiness?

Primarily due to the pretty large unrealised profit accumulated over the past 11 years.  With a higher uncertainty due to the debt problem faced by its sponsor, coupled with a change in CEO last year, I feel that this investment has become riskier for me in the near term.

Hence, I decided to go with my gut and divested about 90% of my holding today at $1.22. Together with the dividend collected over the decade, I have made a gain of about 270%. Happy with it but it does mean lower dividend for the upcoming year until I re-invest the amount again.