Gotham Buys Stake in Santa Anita REIT

Times Staff and Wire Reports

Gotham Partners and an affiliate acquired a 5.2% stake in Arcadia-based Santa Anita Realty Enterprises Inc., a real estate investment trust that owns the Santa Anita Racetrack. The New York investors purchased 589,300 common shares at $19.63 to $25.97 a share between Oct. 9 and Nov. 26, according to documents filed with the Securities and Exchange Commission. Gotham investors said they purchased the shares for investment purposes. However, they noted that they would vote against an offer from Colony Capital Inc. to purchase a 45% stake in Santa Anita for $138 million. Santa Anita had rejected a rival bid from financier Leon Black and developer Donald Koll, who said their offer would value Santa Anita at $19 a share instead of the $15 a share offered by Colony. Santa Anita shares lost 12.5 cents to close at $26.25 on the New York Stock Exchange.

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