In this episode, we examine TR Property Investment Trust PLC's recent strategy update amidst a generally pessimistic European real estate outlook. The trust is confidently approaching leverage, currently at nearly 18%, indicating strong conviction in their investments. They are pivoting from physical property to investing in property companies, betting that stock prices will align with the true value of their portfolios. The focus is on structurally growing sectors such as European residential and digital infrastructure, while also actively engaging in M&A and shareholder activism to drive returns. Ultimately, the trust positions real estate equities as a more stable investment amid current market volatility and questions the future of publicly traded real estate as private capital becomes increasingly influential.