Keith Meister’s Hedge Fund Firm Takes 7.1% Stake in American Realty CapitalCorvex Management LP, a hedge fund firm owned by Keith Meister, is pleased to announce that it has accumulated a 7.1 percent stake in beleaguered real-estate investment trust American Realty Capital Properties Inc.
Activist investor Keith Meister, who won a high profile takeover battle in the property industry earlier this year, has set his sights on a new target: beleaguered real-estate investment trust American Realty Capital Properties Inc.
Mr. Meister’s hedge fund firm, Corvex Management LP, disclosed late Monday that it had accumulated 64.7 million shares, or a 7.1% stake, in real-estate investment trust American Realty Capital Properties Inc., which owns thousands of properties.
Corvex said in a filing that it was in discussions with American Realty Capital Properties’ board, and that it would seek to have its own representatives as a director. Mr. Meister and Corvex declined to comment through a spokesman.
In a statement released late Monday, ARCP’s board of directors said it “is pleased that Corvex shares its belief that ARCP is an attractive investment,” and confirmed that the company is in dialogue with Corvex.Source: Wall Street Journal