Land And Buildings Asks BRE Properties To Form Committee To Explore Sale

(RTTNews) - Land and Buildings, an investment firm specializing in publically traded real estate and real estate related securities, issued a letter to BRE Properties Inc.'s (BRE) Board of Directors urging the formation of an Independent Committee to pursue a sale of the Company, and to consider Land and Buildings' June offer, on behalf of a consortium including Land and Buildings, to purchase the Company for $60 per share.

In the letter, Land and Buildings expressed its disappointment that BRE's senior management failed to seriously consider its $60 per share offer. The letter also addressed management's failure to address the significant and persistent undervaluation of the Company's assets.

Land and Buildings also noted that its standing offer currently represents a 16% premium to the current market price of BRE's shares as of July 30th, 2013.