Activist Sandpiper Launches Board Fight at First Capital REIT
- Manji accuses board of trying to ‘dismantle’ portfolio
- First Capital owns retail properties in Toronto, Vancouver
This article is for subscribers only.
Activist investor Sandpiper Group has launched a fight for control at First Capital Real Estate Investment Trust, including replacing its chairman and altering the company’s plans to sell assets.
The Vancouver-based activist investor and another firm it controls have accumulated a 9% position in First Capital and requisitioned a shareholder meeting, according to a statement Monday, confirming an earlier report by Bloomberg News. Sandpiper is seeking to replace four of nine current trustees.