VANCOUVER — Private equity firm Sandpiper Group wants to cut costs and increase distributions if it wins its fight to replace to replace the board at Artis Real Estate Investment Trust.
The firm is seeking support for its plan to replace the Artis board with its own slate of five nominees, including Sandpiper chief executive Samir Manji.
Artis has said it has received the request for a unitholder meeting and its reviewing it with its advisers.
Artis proposed a plan last month that would see it spin off its retail portfolio into a new real estate trust and focus on its North American industrial and office businesses. The retail trust is expected to hold 40 properties in Western Canada.
Sandpiper opposes the plan and is urging unitholders to reject the proposal.
It says the spinoff REIT comes at a time when retail is facing significant headwinds and retail real estate businesses are trading at significant discounts to their underlying value.
This report by The Canadian Press was first published Oct. 7, 2020.
Companies in this story: (TSX:AX.UN)
The Canadian Press