Sandpiper and a number of other First Capital unitholders are campaigning for new leadership at the Toronto-based REIT
to speed up a vote on replacing four board members, a move aimed at blocking the shopping-mall owner’s plans to sell trophy properties.
In mid-December, Sandpiper launched a campaign to replace four First Capital trustees, including chair Bernard McDonell. Vancouver-based Sandpiper said one of its goals is to limit the REIT to sales of $400-million of non-core properties over the next two years, with a focus on malls in smaller cities.
The fund manager said waiting until May to replace the REIT’s trustees risks First Capital selling more “crown jewel assets” at discount prices. In a press release, Sandpiper founder and CEO Samir Manji said: “A growing number of concerned unitholders believe that the board and CEO’s proposed plan is not going to maximize value for the owners, but rather that it will diminish value every time a trophy asset is sold.
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