"We believe that conditions in the capital markets have created an environment where there is substantial demand in the institutional real estate investment market for high-quality commercial real estate and that this is an appropriate time to explore whether there are alternatives to enhance the value of the company for our shareholders," says chairman and CEO Richard May.
Shares of Great Lakes REIT common stock rose 1.7% Monday to $14.75. At that price, a sale of the entire company would be a $244-million deal. Although the REIT's stock is yielding a hefty 11.17%, company officials have balked at a share repurchase plan, opting instead to focus on buying property.
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