Land & Buildings Investment Management has built a roughly 3% position in Six Flags Entertainment and has been in touch with the company to discuss splitting the business into separate operating and property companies, Lauren Thomas of Wall Street Journal reports, citing a presentation the firm plans to make to other investors that was seen by the paper. Six Flags’ real estate could be sold to partners and leased back to the company, Land & Buildings Chief Investment Officer Jonathan Litt argues, according to Thomas. Litt believes Six Flags’s real estate alone is likely worth more than its current market capitalization and that several real-estate and private-equity firms could be interested in gobbling up land for leisure assets like theme parks, she adds.
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