STAMFORD, CT—Locally-based Land and Buildingshas rejected an overture made by apartment REIT AssociatedEstates to place Douglas Crocker on theBoard of Directors.
"Land and Buildings believes Associated Estates' appointment ofDoug Crocker to the Board does not represent a sincere effort atchange, but instead demonstrates an effort by management to furtherentrench themselves," was the hedge fund's response to theoffer.
Associated Estates has also retained Citigroupto help it evaluate its options, including, presumably, a sale, buteven that move did not pass muster with Land and Building. Thehedge fund appeared irked with the REIT's vague language as it hadsaid it would consider a sale if its operations were appropriatelyvalued.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
