By Rupert Hargreaves There’s going to be a lot “more M&A” in the real estate sector, according to Marcus Phayre-Mudge, fund manager of TR Property, the £1.1bn real estate-focused investment trust. The fund manager told City A.M. that the “low-hanging fruit” in the sector had been taken out, but “there’s more to come” as companies, especially smaller real estate investment trusts, are forced to merge. Mergers helped the trust outperform its benchmark over the past year. TR Property produced a total return for the year of 22.9% per cent, with its net asset value up 21% compared to its benchmark …