Sandpiper, REIT Artis to withdraw nominees to Canada's First Capital REIT board

RFA Financial

06/03/2023 15:52

March 6 (Reuters) - Canada's First Capital REIT
 FCR_u.TO  said on Monday investment firm Sandpiper Group and
Artis Real Estate Investment Trust would withdraw their nominees
for election to the Canada-based firm's board of trustees.
    Sandpiper and Artis will also withdraw their request for a
shareholder meet under the agreement announced Monday, First
Capital said.
    Canadian private equity firm Sandpiper said in December it
had launched a campaign to overhaul the board at First Capital,
nominating four new members after "long record of
underperformance."
    "As a significant owner of First Capital, we will continue
to collaborate with the Board and provide constructive input and
ideas for their consideration," Sandpiper Chief Executive Samir
Manji said.
    Since the pandemic, REITS have been hit by surging interest
rates and widespread redemptions and investors have told Reuters
they expect further declines in the market and the property
sector. 

 (Reporting by Priyamvada C in Bengaluru; Editing by Sriraj
Kalluvila)
 ((Priyamvada.C@thomsonreuters.com https://twitter.com/priyamouli1812?lang=en;))