Deals
Activist Indaba Amasses Stake in Equity Commonwealth
- Indaba urges real estate company not to pursue acquisitions
- Activist also wants company to focus on liquidating itself
Equity Commonwealth owns office properties in Colorado, Texas and the District of Columbia.
Photographer: Sergio Flores/BloombergThis article is for subscribers only.
Activist investor Indaba Capital Management has amassed a stake in office real estate investment trust Equity Commonwealth, according to a letter reviewed by Bloomberg News.
The investor, which has a nearly 3% stake in the trust, is urging the company to abandon a search for acquisitions and focus on liquidating itself, the letter shows. Indaba said that a year-end deadline to decide between a major acquisition and liquidation incentivizes poor decision making.