Property Capitulation-7.5% yield (UKCM)

Securitised property funds of the big life offices now seem to offer pretty good value, and maybe some decent mid term capital appreciation if you can hold on.As far as I can make out UK Commercial is very lightly geared,has average lease period of 10 years on institutional quality properties;good occupancy;and the confidence to keep buying back its own shares.
I hold Alpha Pyrenees and see them edging forward from the lows,as is Axa Property,so its not all bad.These aren't trailer homes but seem affected indiscriminately by such sentiment.I dont suppose its likely but does anyone have a view on the prospects for corporate action as discounts widen?
Finally these are closed end funds which dont have the pressures of open ended funds-where sentiment is sometimes dreadful and redemptions postponed.My suspicion is that some open ended funds hold stocks like UKCM and as liquid assets are there only realisable funds-so they keep selling regardless.This is what creates a genuine bargain......or am I missing something?