Sandpiper Group Continues to Increase Position in Artis Real Estate Investment Trust to Over 12%
VANCOUVER, BC, March 17, 2021 / CNW / – The Sandpiper Group (“Sandpiper”) has strengthened its position through the Sandpiper Real Estate Fund 4 Limited Partnership (the “Acquiror”) together with its joint actors in the Artis Real Estate Investment Trust (“Artis” or “REIT”) “) (TSX: AX) to over 12%.
As a result of the purchase of Artis Shares (“Shares”), the acquirer, together with its common actors, has and exercises control and direction over a total of 16,368,984 Shares, which is approximately 12.25% of the 133,593,711 Shares in issue and outstanding in Artis’ Monthly Cash Distribution Announcement dated March 15, 2021. Between 4th December 2020 and March 17, 2021 (excluding Artis Hold-ups), the Acquiror and its joint actors acquired 2,756,400 shares in the open market under the facilities of the Toronto Stock Exchange (the “TSX”), representing approximately 2% of the shares currently in issue and outstanding (collectively, the “Acquisitions”). The total compensation for the acquisition of the shares that are the subject of the early warning report submitted by Sandpiper is $ 29.7 million2,756,400 units at an average price of $ 10.77 per unit. Prior to the Acquisitions, the Acquiror, along with its joint actors, owned and exercised the control and direction of 13,612,584 shares, representing approximately 10.07% of the shares issued and outstanding.
The shares were acquired for investment purposes. Sandpiper believes that Artis’ units are undervalued and represent an attractive investment opportunity.
“Our recent increase in our stake in Artis reinforces our long-term commitment to this investment,” he said Samir Manji, Chief Executive Officer of Sandpiper. “We continue to believe that Artis has low value and the REIT is on a positive path to fill the value gap.”
Sandpiper and its affiliates may from time to time, depending on market and other conditions, increase or decrease their beneficial ownership, control, or guidance over the Securities of Artis through market transactions, private arrangements, or otherwise.
Artis headquarters are located at Suite 600 – 220 Portage Avenue, Winnipeg, ManitobaR3C 0A5.
Sandpiper headquarters and the Acquiror headquarters are located at 1000-1021 West Hastings Street. Vancouver, British Columbia, V6E 0C3.
An early warning report is filed by Sandpiper in accordance with applicable securities laws. For more information and to obtain a copy of Sandpiper’s early warning report, please contact Renzo Barazzuol, President of the Sandpiper Group at (604) 558-4885.
Common Sandpiper is a Vancouver-based private equity firm focused on investing in real estate through direct real estate investments and stocks. More information about Sandpiper can be found at www.sandpipergroup.ca.
SOURCE Sandpiper Group
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