US warehouse-focussed real estate investment trust LXP Industrial Trust, has received an ‘expression of interest’ to acquire the business for USD4.5 billion from hedge fund Land & Buildings Investment Management, according to Reuters.
US warehouse-focussed real estate investment trust LXP Industrial Trust, has received an ‘expression of interest’ to acquire the business for USD4.5 billion from hedge fund Land & Buildings Investment Management, according to Reuters.
The company said in a statement disclosing a letter from the hedge fund that it plans to review Land & Buildings’ proposal with its advisers before deciding on what steps to taken next steps.
The letter from Land & Buildings, which is run by real estate investor Jonathan Litt, is said to have expressed ‘willingness’ to offer USD16 per share in cash, and that the offer price could go up if due diligence unearthed more value. It does not constitute a binding offer.
That compares with LXP’s last close of USD14.41 on Friday.
The expression of interest, which Land & Buildings said in the letter does not constitute a binding offer, was first reported by Reuters.
