Blackwells Files Lawsuit Over GNL, Necessity Retail Board Dispute

Activist hedge fund Blackwells Capital has filed a lawsuit against Global Net Lease Inc and Necessity Retail REIT Inc after being prevented from putting forward its own slate of board nominees for the real estate companies, according to a report by Reuters.

Blackwells wants to be able to nominate two directors at each company as it looks to force them to replace AR Global, the external manager of their properties, in a bid to reduce costs and improve performance.