The shopping mall owner announced Monday that Sandpiper and Artis REIT agreed to drop plans to nominate four trustees to its board
defeated an activist campaign from asset manager Sandpiper Group, the latest in a series of wins for management and incumbent boards at Canadian companies.
“First Capital is pleased to have reached an agreement with Sandpiper and Artis that the board believes is in the best interests of all unitholders,” said Paul Douglas, chair of First Capital, in a press release. The settlement ended six months of activist activity at the REIT, one of the country’s largest owners of grocery store-anchored malls, with property portfolio valued at $9.6-billion.
Ewing Morris, Vision and Sandpiper targeted First Capital after the REIT’s units underperformed most of its rival real estate companies over the past five years. The activists, and First Capital’s founder and former CEO Dori Segal, raised concerns with the REIT’s plans to sell up to $1-billion of properties to fund new developments, arguing rising interest rates and economic uncertainty make this the wrong time to dispose of properties.
The REIT’s advisers were RBC Capital Markets, law firm Stikeman Elliott LLP and shareholder services firm Kingsdale Advisors. Sandpiper’s advisers are law firm Norton Rose Fulbright Canada LLP and Morrow Sodali Ltd.
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