Forest City Would Attract Numerous Bidders, Activist Litt Says
- Private equity firms, public companies would bid: investor
- Litt says review ‘could provide full value to shareholders’
Forest City Realty Trust Inc. would attract numerous bidders, including private equity firms and publicly traded landlords, were the company to put itself up for sale, activist investor Jonathan Litt said Tuesday in a letter to shareholders.
Litt has been calling on Forest City -- best known for Pacific Park, its 6,430-unit mainly residential project in downtown Brooklyn, originally known as Atlantic Yards -- to explore options including a sale of the company. The Cleveland-based real estate investment trust has so far refused to start a formal strategic-review process, Litt said in his letter. Litt’s Land & Buildings Investment Management LLC held 2.07 million Forest City shares, or almost 0.9 percent of the company, as of Dec. 31, according to data compiled by Bloomberg.