InvestmentsReal Estate

BRE Properties gets $4.6B buyout offer

Land & Buildings and a group of investors offered to buy apartment owner BRE Properties Inc. (BRE) for about $4.6 billion.

"We strongly disagree with management’s response that they believe it is better to remain independent rather than pursue a sale," Land & Buildings Chief Executive Officer Jonathan Litt said. "The company’s consistent underperformance and persistent discount to net asset value is best resolved through strategic alternatives."

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