Investing.com -- Activist investors Converium Capital and Erez Capital Management have jointly taken a 6.8% stake in Franklin Street Properties Corp (NYSE:FSP) and are pursuing board representation, believing the shares are “undervalued and represent an attractive investment opportunity.”
In a Schedule 13D filed with the SEC on November 5th, the two funds reported 3.6% and 3.2% respective stakes, and said they have been in discussions with the company regarding “composition of the Board, operations, capital allocation, and the strategy and plans.”
Additionally, Converium has nominated Erez Capital’s CIO Bruce Schanzer to FSP’s Board.
In comments made to Investing.com, Schnazer, who was the CEO and President of Cedar Realty (NYSE:CDR) Trust (NYSE: CDR-B) before founding REIT-focused Erez Capital, said his fund’s objective is to find discrepancies between the sum-of-parts value of a company’s individual holdings and its stock price.
As such, Schnazer said he believes FSP shares are currently trading at a “substantial discount” to the value of its real estate and reiterated his and Converium’s joint commitment to unlocking the value.
Franklin Street Properties has not commented on Converium and Erez’s nomination.
FSP shares closed at $1.95 yesterday and are down nearly 25% YTD.
Related Articles
Activists see 'substantial discount' in Franklin Street as they pursue board seat
U.S. stocks higher at close of trade; Dow Jones Industrial Average up 0.13%
Canada stocks higher at close of trade; S&P/TSX Composite up 0.82%
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。