Activist investor Land & Buildings Funding Administration LLC has been shopping for shares in
and is pushing the on line casino actual property proprietor to hunt a merger accomplice, in response to folks accustomed to the matter.
The Connecticut-based activist, identified for agitating for change at real-estate firms, has been talking with Gaming and Leisure executives a couple of tie-up between the agency and fellow gaming real-estate funding belief
VICI Properties Inc.,
the folks mentioned.
“GLPI administration often engages with shareholders and potential shareholders and can proceed to take action,” a spokesman mentioned.
Gaming and Leisure, based mostly in Wyomissing, Pa., was fashioned in 2013 when
Penn National Gaming Inc.
spun off its actual property right into a separate publicly traded firm. The REIT, which has a market capitalization of about $9 billion, manages 46 properties throughout 16 states, together with the Ameristar Black Hawk on line casino in Colorado and the L’Auberge Baton Rouge in Louisiana. Its tenants embrace Penn Nationwide and Eldorado Resorts Inc.
Land & Buildings took a small stake in GLPI earlier this 12 months and has constructed it up in latest weeks, impressed partly by how a lot a
Blackstone Group Inc.
real-estate funding belief paid for landmark Las Vegas Strip casino Bellagio in October, folks accustomed to the matter mentioned. The transaction valued the Bellagio at $four.25 billion, the corporate mentioned on the time.
The precise measurement of Land & Buildings’ Gaming & Leisure stake couldn’t be discovered, however the folks mentioned it’s now the largest place within the fund’s $500 million portfolio.
Land & Buildings, based by outstanding real-estate investor
has carried out campaigns at quite a few large real-estate firms in recent times, together with Saks Fifth Avenue guardian
Hudson’s Bay Co.
Mack-Cali Realty Corp.
Taubman Centers Inc.
the agency efficiently pushed for the sale of the corporate, which agreed to be acquired by
for about $12.6 billion together with debt in October.
Although Gaming and Leisure’s inventory has jumped by about 30% thus far this 12 months, edging out the broader S&P 500’s 27% acquire, the shares are basically flat for the reason that firm was separated from Penn Nationwide.
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