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Activist Investor Litt Pushes for Sale of Aimco REIT

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Activist investor Jonathan Litt has built a new position in Apartment Investment & Management Co. and has met with management to discuss ways to improve value for shareholders, including exploring a sale of the real estate investment trust, according to people familiar with the matter. 

Litt’s Land & Buildings Investment Management owns a stake of just under 5% in Aimco, and believes there is a large pool of potential buyers for the company, the people said, asking not to be identified because the discussions are private. Land & Buildings agrees with the company’s assessment that its assets are worth at least $12 a share, they added, a 30% premium to where they closed Thursday.