World News – CA – Artis Real Estate Investment Trust Announces Settlement Agreement with Sandpiper Group and Resignation of CEO and CFO

WINNIPEG, MB, Nov. . 30, 2020 / CNW / – Artis Real Estate Investment Trust (« Artis » or « REIT ») (TSX: AX. UN) announced today that it has entered into an agreement with the Sandpiper Group (« Sandpiper ») to withdraw its shareholder meeting motion and pending litigation. Under the terms of the agreement, four existing trustees, Armin Martens, Edward Warkentin, Wayne Townsend and Bruce Jack, have filed their resignations from the Board of Artis with immediate effect. Sandpiper’s five nominees: Heather-Anne Irwin, Samir Manji, Mike Shaikh, Aida Tammer and Lis Wigmore join the board. Armin Martens, President of &, will take over from. Retire on December 31, 2020 and Jim Green, CFO, will retire at the end of the 2021 Annual Shareholders Meeting.

Edward Warkentin, Chief Executive Officer, said: « We are pleased to have reached an agreement with Sandpiper which Artis believes is in the best interests of the REIT and all of its shareholders. The newly constituted board will provide continuity and add new trustees with a wide range of experience and expertise. The Board of Directors and management continue to work to ensure that this transition occurs properly and responsibly for the benefit of all parties at Artis. On behalf of the Board of Directors, we would like to thank Armin for his leadership and contributions to Artis over the years. Armin was instrumental in making Artis the successful REIT it is today and we sincerely thank him for these efforts and wish him all the best in all his future endeavors. We are also pleased that continuity in the positions of CEO and CFO is carefully managed by Artis officers in collaboration with the Board of Directors. Personally, I am grateful for the opportunity to serve as Chairman of Artis since its inception. During my tenure, I have had the privilege of working with an exceptional group of talented, professional, insightful, and dedicated trustees, and I would like to thank each and every one of them for their contributions over the years. « 

Armin Martens, President of &, CEO, said: « I am delighted that Artis has reached an agreement with Sandpiper that Artis believes is in the best interests of the REIT and all of its shareholders. After 16 years as the founding chairman of Artis, I believe this is an appropriate time for management renewal and succession. It has been an honor and a privilege to serve this great company. I am proud of the Artis people and the great business we have built, and I wish the new leadership team and all Artis shareholders continued success in the years to come. « 

« We are excited to reach an agreement with the Board of Artis that we believe will benefit all shareholders, » said Samir Manji, Sandpiper’s chief executive officer. « On behalf of all other shareholders, I would like to thank Armin, Ed, Wayne, Bruce and Jim for their years of service with the REIT and their commitment to making the transition smooth. I look forward to contributing to the future growth and success of Artis with the continued and newly appointed Trustees. « 

Artis is a diversified Canadian real estate mutual fund primarily investing in industrial and office real estate in select markets in Canada and the United States. Since 2004, Artis has been pursuing an aggressive but disciplined growth strategy, building a portfolio of commercial properties that spans approximately 23. 8 million square meters of rental space. Artis focuses on growing its industrial portfolio through strategic development projects in its target markets.

Sandpiper is a Vancouver-based private equity firm focused on investing in real estate through direct real estate investments and public securities. More information about Sandpiper can be found at www. Sandpipergroup. approx. .

The Toronto Stock Exchange has not reviewed this press release and assumes no responsibility for the adequacy or accuracy of this press release.

For more information: Artis contact: Heather Nikkel, Vice President, Investor Relations, phone: (204) 947-1250, email: [email protected]; Sandpiper Contact: Alyssa Barry, Vice President, Capital Markets and Communications, phone: (604) 558-4885, email: [email protected], www. Sandpipergroup. ca

Artis REIT, Real Estate Investment Trust, Chief Executive Officer, Finance