An activist shareholder has accumulated a stake in Six Flags Entertainment Corp. and is pushing the theme-park operator to sell or spin off its real estate to help reverse a decline in the shares.
Land & Buildings Investment Management LLC has a position of roughly 3% in Six Flags
SIX,
+0.58%,
according to a presentation the firm plans to make to other investors that was seen by The Wall Street Journal.
The firm’s founder and chief investment officer, Jonathan Litt, has been in touch with Six Flags management, including Chief Executive Selim Bassoul, to discuss splitting the business into separate operating and property companies, according to the presentation. The company’s real estate could be sold to partners and leased back to Six Flags, Litt argues.
Six Flags runs 27 theme and water parks across North America, including in Valencia, Calif., Queensbury, N.Y., and Mexico City, according to its website.
An expanded version of this report appears on WSJ.com.
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