An activist investor known for restructuring debt and forcing property companies to sell assets is targeting Chattanooga-based CBL Properties, according to The Wall Street Journal.
The Journal said that Michael Ashner has acquired 5.97 percent of CBL shares as of late August, with his firms accumulating 10.35 million shares at prices ranging from 80 cents to $1.16, the newspaper said, citing a stock-exchange filing.
It said Ashner is known for working in distressed commercial property investing and for restructuring debt. Also, he has successfully lobbied real-estate owners to sell properties, the Journal said on Tuesday.
CBL commented little on Ashner’s stake in the company, but on Tuesday CBL touted that it has executed leases with entertainment users for about 825,000 square feet at more than a dozen properties as CBL transitions its portfolio to suburban town centers from traditional malls.
Ashner said in the story that he’s not advocating a sale of the entire company and he sees value in CBL’s properties, which include Hamilton Place and Northgate malls in Chattanooga.