Elliott Management is pushing Healthcare Trust of America to sell; it can’t outbid private equity real estate funds that can lever up cheaply. But it can sell to them, and then investors can buy another publicly traded REIT, rob_cyran argues.
Elliott Management sent a letter to Healthcare Trust of America’s board of directors on Oct. 11 saying it believes the real estate investment trust will “likely be best served by a sale to a private equity, non-traded REIT or a strategic buyer.”
HTA owns medical office buildings and has a market capitalization of about $7 billion. The size of Elliott’s stake has not been disclosed. On Aug. 2, Scott Peters stepped down as HTA’s chairman and chief executive. The company appointed one of its independent directors, Peter Foss, as interim chief executive.Floor governor Patrick King announces the start of trading of Healthcare Trust of America, Inc. on the floor of the New York Stock Exchange June 6, 2012.
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