February 8, 2019
Private equity firm Madison International Realty said it has acquired a 5% ownership stake in Mack-Cali Realty Corporation (CLI), now holding approximately 4.5 million shares. The exact dollar amount of the 5% stake was not disclosed.
Ronald Dickerman, president of New York-based Madison International, said CLI’s stock represents “a discount to net asset value, and we believe Mack-Cali holds material upside potential.”
Dickerman cited CLI’s ongoing divestiture program. He noted that the Jersey City-based REIT is selling off “legacy suburban and flex assets” to focus on “prime office and multi-family residential properties on the New Jersey waterfront,” across the Hudson River from Manhattan, Brookfield Place and Hudson Yards.
Madison invests selectively in listed real estate companies owning high-quality portfolios trading at discounts to NAV. Other Madison REIT investments have included GGP Inc., TIER REIT, Monogram Residential Trust, Inc., Alexander’s Inc. and Songbird Estates.
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