(Reuters) – Activist investor Elliott Funding Administration on Monday urged Healthcare Belief of America to launch a strategic overview and discover a possible sale of the actual property funding belief.

Elliott, which is one among HTA’s largest buyers, stated the corporate’s longstanding underperformance in comparison with its friends has stoked frustration and shareholders need it to intention for a sale. HTA shares have been up 2.1% at $32.38 in afternoon buying and selling.

The information comes months after HTA Chief Govt Officer Scott Peters stepped down, which Elliot termed as “abrupt and sudden”.

“HTA faces a difficult stand-alone future given a deprived skill to compete for acquisition targets, the inherently dangerous activity of getting to establish and combine a brand new CEO and the troublesome mission of repairing and rebuilding the corporate’s tradition,” Elliott stated in a letter to HTA’s board.

HTA, which invests in actual property primarily consisting of medical workplace buildings, is presently headed by interim CEO Peter N. Foss.

Traders imagine that HTA ought to conduct the overview, together with solicitation of bids, earlier than it comes to a decision relating to its new CEO, Elliott stated, cautioning the absence of such a overview would make it troublesome to draw an acceptable candidate for the place.

Elliott stated it was assured that “extremely credible patrons” would make presents at a considerable premium to the HTA inventory’s present buying and selling value.

In response to the hedge fund’s letter, HTA stated it had held a number of discussions with Elliott representatives after it was first contacted by the agency and shared the knowledge with its full board. (https://prn.to/2YHKgtX)

“We’re open minded and dedicated to delivering superior returns for all HTA shareholders”, HTA added.

Bloomberg Information first reported on Elliott pushing for a strategic overview of HTA final week.