Activist investor Sandpiper Group is seeking board changes at First Capital Real Estate Investment Trust, heaping more pressure on the Canadian real estate company to improve its performance.
The Vancouver-based activist investor has accumulated a 9 per cent position in First Capital and has requisitioned a shareholder meeting, according to a statement Monday, confirming an earlier report by Bloomberg News. First Capital shares have fallen about 11 per cent since the start of the year and closed Friday at $16.80 in Toronto, giving the company a market value of $3.7 billion .
“The incumbent board and management have lost unitholder value and today, they are pursuing strategies that will dismantle FCR’s irreplaceable portfolio – a portfolio that had been strategically curated over the past two decades,” Manji said in a statement. “We cannot allow these actions to continue any further.”
Toronto-based Ewing Morris urged First Capital in October to elect two new directors and replace Bernard McDonell as chairman with industry veteran Kelly Marshall. The firm said the changes were necessary to improve the REIT’s performance, refocus its strategy and rein in executive compensation. It argued that First Capital trades at the largest discount to the value of its underlying assets relative to its peers.
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