Elliott Seeks to Buy Sumitomo Realty Stake From Holders

Elliott Investment Management has approached several Japanese companies about buying their shares in Sumitomo Realty & Development Co., according to people familiar with the matter, as the investment firm seeks to ramp up pressure on the real estate developer to boost value.
The US activist investor has sent letters in recent months to companies that have so-called cross-shareholdings with Sumitomo Realty, offering to buy their stakes in block trades at around market price, the people said, asking not to be identified because the matter is private.