Activist Blackwells Sues GNL, Necessity Retail Over Board Dispute

NEW YORK, Dec 19 (Reuters) – Blackwells Capital, a hedge fund seeking to replace some of the board directors at Global Net Lease Inc (GNL.N), opens new tab and Necessity Retail REIT Inc (RTL.O), opens new tab, told Reuters on Monday it has filed a lawsuit against the real estate companies after being blocked from putting its own board nominees forward.

Blackwells wants both companies to replace AR Global, the external manager of their properties, over what it argues are high costs and poor performance. It wants to nominate two directors at each company to ratchet up the pressure on them.