Institutional Shareholder Services is recommending that CommonWealth REIT investors side with dissident shareholders Corvex Management LP and Related Cos. as they seek to change the REIT's board of directors. The two investors, which own 9.6% of CommonWealth, "have made a compelling case that change is necessary," ISS said in a report.
Commonwealth Bank of Australia has accepted a $2.7 billion offer from Dexus Property Group and the Canada Pension Plan Investment Board for its Commonwealth Property Office Fund. The fund owns
26 office buildings throughout Australia. The portfolio had been the subject of a heated bidding war.
Annaly Capital Management is proposing that it be managed by a separate firm. This firm would employ its current executives. Shareholders will be asked to approve the move on May 23 at the annual meeting. If it passes, the REIT's investing will be overseen by a new company called Annaly Management Co.
American Realty Capital Properties has made a bid for Cole Credit Property Trust III, offering to pay least $5.7 billion. It would create one of the largest REITs in the single-tenant space. American Realty is offering $12 in cash for each Cole Credit share.
The CREW Network annual convention, held this month in Washington, D.C., featured panel discussions on the need for greater diversity on public boards, policy issues that could affect the real estate industry, real estate capital markets, sector-specific analyses, the REIT approach to real estate investment and more.