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                                                                    Exhibit 99.3

                  Consent of Person About to Become a Director
      (Pursuant to Rule 438 under the Securities Act of 1933, as amended)

      In connection with a Form S-4 filed by Corporate Property Investors, Inc.
("CPI") and Corporate Realty Consultants, Inc. ("CRC") with the Securities and
Exchange Commission (File Nos. 333-      and 333-      ) (the "Registration 
Statement"), I, Robert Angelica, expect to be elected to the Board of Directors
of CPI and CRC, as described therein. As of the effective time of the
Registration Statement, I will not be a member of the Board of Directors of CPI
or CRC, and I am not required to sign the Registration Statement.

      I hereby consent to being named in the Registration Statement as a future
member of CPI and CRC's Boards of Directors, and to filing of the Registration
Statement as contemplated by CPI and CRC.


                                          /s/ Robert E. Angelica
                                          --------------------------------------
                                          Robert E. Angelica

August 13, 1998