Wilshire Real Estate Investment Trust said Friday it has offered to buy Imperial Credit Industries' mortgage REIT for $400 million of stock.

Wilshire said the Imperial Credit Commercial Mortgage Investment Corp. has not been achieving the returns it promised investors. "We can achieve higher shareholder value," said Andrew Wiederhorn, Wilshire's chief executive officer. The Imperial REIT said its board would consider the offer and was being advised by Friedman, Billings, Ramsey & Co.

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