Seritage Growth Properties, a REIT that owns 170 residential, retail and mixed-use properties, is exploring its strategic alternatives. A source told Bloomberg News that this process could include a sale of the company or a piecemeal disposition of its assets.
The REIT acknowledged that there is an ongoing disconnect between the company's stock price and net asset value.
The Special Committee formed to evaluate Seritage's options has retained Barclays as its financial advisor. Seritage is in the early stages of the strategic review process and the company says it does not plan to disclose or comment on interim developments. It also said there can be no assurance that the review process will result in any transaction or any strategic change at this time.
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