Presidio Property Trust, a San Diego-based real estate investment trust (REIT), has announced the formation of a special committee to explore strategic alternatives in light of the recent surge in merger and acquisition (M&A) activity within the sector. The committee, comprising independent directors, will carefully consider various options, including the potential sale of all or part of the company, business combinations, joint venture arrangements, and potential restructuring opportunities.
With a current market capitalization of approximately $10 million, Presidio hopes to capitalize on the momentum in the industry and evaluate potential avenues for growth and expansion. It is important to note that no formal timeline has been set for the review process, and there is no guarantee that any transactions will materialize as a result.
The REIT sector has witnessed a series of mergers in recent months, with the most notable being Extra Space Storage’s $12.7 billion deal to merge with smaller competitor Life Storage. This wave of consolidation has further highlighted the attractiveness of exploring strategic options within the industry.
As a result of this development, trading in Presidio’s shares was temporarily halted before the market opened on Wednesday. This pause will allow the special committee to conduct their due diligence and explore various potential opportunities.
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