WINNIPEG – According to Artis Real Estate Investment Trust, four trustees have filed their resignation, and both the chief executive officer and chief financial officer will resign as part of a contract with private equity firm Sandpiper Group, sought changes to the trust.
Under the terms of the agreement, Artis managing director Armin Martens will retire effective December. 31 and CFO Jim Green will retire after the Trust’s annual meeting of shareholders in 2021.
Sandpiper’s list of five nominees, including Samir Manji, Sandpiper’s CEO, will join two of the existing trustees – Ben Rodney and Lauren Zucker – to form the new board.
Artis proposed a plan in September to spin off the retail portfolio into a new real estate fund and focus on the North American industrial and office business.
Sandpiper turned down the plan, saying it would cut costs and increase payouts if he won his fight to replace the Artis board.
Jetport Inc. . , the largest shareholder in the trust, announced that it would vote for nominees on the Sandpiper board of directors at a meeting scheduled for February.
Artis REIT, Real Estate Investment Trust, Chairman of the Board, Board of Directors
World News – CA – Artis REIT signs agreement with private equity firm seeking change and CEO, to retire
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