Toronto-based First Capital, one of Canada’s biggest shopping centre owners, has agreed to add former CIBC and TMX Group executive Richard Nesbitt to its board
One of Canada’s largest shopping center owners, First Capital Real Estate Investment Trust, reached a truce late Thursday in a five-month proxy battle with two activist shareholders.
The agreement drains support from activist investor Sandpiper Group’s campaign to put four new trustees on the First Capitalboard. Unitholders in the REIT are scheduled to vote on the Sandpiper nominations at a March 28 meeting. Activist campaigns against First Capital’s board led a number of analysts to predict the REIT would be forced to launch a strategic review that could have resulted in a takeover. First Capital’s units underperformed peers over the past five years and the REIT drew the attention of activists and its retired founder over plans to sell up to $1-billion of real estate in the next two years to fund new developments.
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