NEW YORK, Dec. 23, 2013
/PRNewswire/ -- Corvex Management LP ("Corvex") and Related
Fund Management, LLC ("Related"), whose separately managed
investment funds collectively own approximately 9.6% of the
outstanding shares of CommonWealth REIT (NYSE:CWH), today commented
on the actions taken by CommonWealth:
"The Portnoys are a day late and a dollar short with these
revocable modifications that pay lip service to shareholders and
continue to limit basic shareholder rights. The fact remains
that CommonWealth continues to maintain an outdated, extremely
conflicted management structure, which has led to 27 years of
underperformance and that has served to enrich only the Portnoy
family. It must be recognized that the current management team and
Board are responsible for multiple egregious actions taken over the
past year in an effort to actively disenfranchise all shareholders.
We believe our consent solicitation will enable shareholders to
elect truly independent and accountable trustees in the near term,
restoring value and effecting real permanent change for
CommonWealth."
Additional Information Regarding the Solicitation
Corvex Management LP and Related Fund Management, LLC have filed
a preliminary solicitation statement with the Securities and
Exchange Commission (the "SEC") to (1) solicit consents to remove
the entire board of trustees of CommonWealth REIT (the "Removal
Proposal"), and (2) elect five new trustees at a special meeting of
shareholders that must be promptly called in the event that the
Removal Proposal is successful. Investors and security holders
are urged to read the preliminary solicitation statement in its
entirety, and the definitive solicitation statement and other
relevant documents when they become available, because they will
contain important information regarding the solicitation. The
preliminary and definitive solicitation statement and all other
relevant documents will be available, free of charge, on the SEC's
website at www.sec.gov.
The following persons are participants in connection with the
solicitation of CommonWealth REIT shareholders: Corvex Management
LP, Keith Meister, Related Fund
Management, LLC, Related Real Estate Recovery Fund GP-A, LLC,
Related Real Estate Recovery Fund GP, L.P., Related Real Estate
Recovery Fund, L.P., RRERF Acquisition, LLC, Jeff T. Blau, Richard
O'Toole and David R. Johnson.
Information regarding the participants in the solicitation and a
description of their direct and indirect interests, by security
holdings or otherwise, to the extent applicable, is available in
the preliminary solicitation statement filed with the SEC on
December 3, 2013.
About Corvex Management LP
Corvex Management LP is an investment firm headquartered in
New York, New York that engages in
value-based investing across the capital structure in situations
with identifiable catalysts. Corvex was founded in March 2011 and follows an opportunistic approach
to investing with a specific focus on equity investments, special
situations and distressed securities largely in North America.
About Related Fund Management LLC
Related Fund Management, LLC is an affiliate of Related
Companies, one of the most prominent privately-owned real estate
firms in the United States. Formed
40 years ago, Related is a fully integrated, highly diversified
industry leader with experience in virtually every aspect of
development, acquisitions, management, finance, marketing and
sales. Related's existing portfolio of real estate assets, valued
at over $15 billion, is made up of
best-in-class mixed-use, residential, retail, office and affordable
properties. For more information about Related Companies please
visit www.related.com.
For further information, contact:
Rupal Doshi
Corvex
(212) 474-6750
rdoshi@corvexcap.com
Joanna Rose
Related
(212) 801-3902
jrose@related.com
INVESTORS:
Edward McCarthy / Richard Grubaugh
D.F. King & Co., Inc.
(212) 269-5550
SOURCE Related Companies; Corvex Management LP