NEW YORK, March 18, 2014 /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 announced that they have presented consents from holders of over 81% of the outstanding shares approving the proposal to remove the entire Board of Trustees of CommonWealth.
Keith Meister of Corvex and Jeff T. Blau of Related, said: "The shareholders have exercised their rights and we look forward to working with the Trustees in the coming days to arrange for an orderly transition process that best protects the interests of all shareholders. We will immediately reach out to the Trustees to begin these discussions."
Pursuant to the Interim Arbitration Award, CommonWealth has five business days, or until March 25, 2014, to have the written consents inspected and the results of the New Solicitation declared.
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.
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SOURCE Related Fund Management, LLC