Would you buy a company that had lands worth more than the company itself?

Let's say you are looking for companies to invest in, and you find one that their real estate is worth 60% more than the company itself, (for example the lands are worth $1B and the company has $400M marketcap) if this company does have debt but it seems is being paid properly and almost no dividens are being paid, would you consider buying it as a mid-long term investment?