UMH Properties gains after active Erez pushes for sale
Erez Asset Management, a value-oriented investment firm, is urging UMH Properties Inc. to consider a sale of its shares, according to a Bloomberg report. The activist investor has highlighted that there is serious interest from strategic and financial buyers who have previously attempted to engage with the company but were either ignored or rejected.
In a July letter to UMH's board, Erez Chairman and Chief Investment Officer Bruce Schanzer stated that a thoughtful review of strategic alternatives, including a potential sale, is prudent and warranted. Erez currently holds about 4.7% of UMH's shares, with plans to disclose that it has increased its stake to 5% as soon as today.
UMH Properties, a real estate investment trust focused on manufactured housing communities, saw its stock rise by 0.7% in premarket trading following the news.
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