Feldman Mall's second-largest investor wants company to seek strategic alternatives, sale

By Lisa Kerner

Charlotte, N.C., Jan. 30 - Mercury Real Estate Advisors LLC, which holds about 1.3 million shares, or 9.7%, of Feldman Mall Properties, Inc. urged its board of directors to move forward with the sale of the company.

In a letter to the board, the second-largest investor recommended engaging a leading investment banking firm immediately as Feldman Mall "continues to trade at a significant discount to its liquidation value," according to a schedule 13D filing with the Securities and Exchange Commission.

Mercury Real Estate said it has also received inquiries from national and regional mall owners in response to a letter it sent on Dec. 18. As a result, the investor is demanding the board form a committee of independent directors to pursue strategic alternatives for Feldman Mall Properties.

Feldman Mall Properties is a publicly owned equity real estate investment trust based in Great Neck, N.Y.

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