Here is my answer from 4 months ago. My thoughts haven't changed much at all:
Not really a fan of Inovalis at all. The company made a very risky acquisition pre-pandemic and acquired a sole occupied (single tenant) building with only a couple years left on their lease. That lease ran out last year and the tenant didn't renew. The building down sits empty and the fund's results have been impacted materially because of this.
This was a serious misstep my management and one that would deter me from investing in the fund even if there is some sort of perceived value at this point.
If I'm being completely honest, the REIT is a complete mess right now. It could recover yes, but I believe there are a lot more high quality names in the space that you can invest in that don't expose investors to the level of risk Inovalis does.
The company's occupancy rates are hovering in the high 50% range, which is quite poor. The company's funds from operations have practically fallen off a cliff (down 84% year over year) and it needs a significant operational turnaround to become viable again.