Zell, Helfand on ballot for CommonWealth REIT board

TRD NEW YORK /
Feb.February 11, 2014 05:43 PM

Investors looking to overthrow the board of U.S. office landlord CommonWealth REIT, a real estate investment trust, have added billionaire Sam Zell to the list of nominees who could replace the current leadership, currently under fire for alleged mismanagement.

Zell and Equity Group Investments co-president David Helfand would join a group of nominees at a special shareholder meeting to elect new directors of the board, if the current board is successfully removed, according to a statement from Corvex Management LP and the Related Companies, investors in the REIT.

“We are fully supportive of Corvex and Related’s efforts to maximize value at CommonWealth for all shareholders,” Zell said in a statement cited by Bloomberg News. “We see an attractive opportunity at CommonWealth uniquely suited to our expertise in leading public real estate companies and in turning around underperforming assets.”

A Zell and Helfand-affiliated entity would, upon the duo’s nomination, have the option to acquire as many as four million CommonWealth shares, according to the statement. The two, who are not currently stockholders, would serve as chairman and chief executive officer respectively.

Shareholders with voting power are slated to vote Feb. 18, according to Bloomberg News. [Bloomberg News]Julie Strickland


Related Articles

arrow_forward_ios
Sam Zell (Credit: Studio Scrivo, iStock)

The youth are fueling Sam Zell’s outdoor home rental business

Zell on Trump: The president’s tax documents showing massive losses “don’t tell much of a picture”

Zell on Trump: The president’s tax documents showing massive losses “don’t tell much of a picture”

National Cheat Sheet: House flips hit pre-crisis levels, ‘cannabiz’ entices the real estate sector… & more

National Cheat Sheet: House flips hit pre-crisis levels, ‘cannabiz’ entices the real estate sector… & more

Jungle leaves background

Sam Zell talks “jungle” entrepreneurs, “dearth” of mergers

WeWork is too big to avoid public responsibilities: Sam Zell

WeWork is too big to avoid public responsibilities: Sam Zell

The Closing: Sam Zell

The Closing: Sam Zell

Sam Zell’s Equity Residential issues $400M in green bonds

Sam Zell’s Equity Residential issues $400M in green bonds

Sam Zell is reducing his exposure to real estate

Sam Zell is reducing his exposure to
real estate

arrow_forward_ios
Loading...