Activist investor Keith Meister, who won a high profile takeover battle in the property industry earlier this year, has set his sights on a new target: beleaguered real-estate investment trust American Realty Capital Properties Inc.

Mr. Meister’s hedge fund firm, Corvex Management LP, disclosed late Monday that it had accumulated 64.7 million shares, or a 7.1% stake, in real-estate investment trust American Realty Capital Properties Inc., which owns thousands of properties.

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