VANCOUVER, BC, Nov. 14,
2022 /CNW/ - Sandpiper Group ("Sandpiper"),
together with its joint actors, has increased its position in Artis
Real Estate Investment Trust ("Artis" or the "REIT")
(TSX: AX.UN) to 16.14%.
As a result of the purchases of units of Artis ("Units"),
Sandpiper, together with its joint actors, owns and exercises
control and direction over an aggregate of 18,685,759 Units,
representing approximately 16.14% of the 115,787,822 issued and
outstanding Units (as reported in Artis' Management's Discussion
and Analysis, dated November 3,
2022). Between March 19, 2021,
and November 14, 2022 (excluding
Artis blackout periods), Sandpiper, together with its joint actors,
acquired 2,316,775 Units in the open market under the facilities of
the Toronto Stock Exchange, representing approximately 2% of the
current issued and outstanding Units (collectively, the
"Acquisitions"). The net aggregate consideration paid to
acquire the Units that are the subject of the accompanying Early
Warning Report filed by Sandpiper is $25.5
million, being 2,316,775 Units at an average price of
$11.01 per Unit. Prior to the
Acquisitions, Sandpiper, together with its joint actors, owned and
exercised control and direction over 16,368,984 Units, representing
approximately 12.25% of the issued and outstanding Units (as
reported in Artis' Monthly Cash Distribution Announcement, dated
March 15, 2021).
The Units were acquired for investment purposes. Sandpiper
believes that the units of Artis are undervalued and represent an
attractive investment opportunity.
"Our long-term commitment and thesis in Artis remain intact. We
are confident in the Board and management as they continue to
execute the business transformation plan to increase the net asset
value per unit and close the value gap," said Renzo Barazzuol, President and Chief Operating
Officer of Sandpiper.
Sandpiper and its affiliates may, from time to time, depending
on market and other conditions, increase or decrease its beneficial
ownership, control or direction over the securities of Artis
through market transactions, private agreements, or otherwise.
Artis' head office is located at Suite 600 – 220 Portage Avenue,
Winnipeg, Manitoba, R3C 0A5.
Sandpiper's head office is located at 1000 – 1021 West Hastings
Street, Vancouver, British
Columbia, V6E 0C3.
An early warning report will be filed by Sandpiper in accordance
with applicable securities laws. For further information and to
obtain a copy of the early warning report filed by Sandpiper,
please contact Vinay Panchal, Senior
Associate – Capital Markets and Investor Relations, Sandpiper Group
at (604) 558-4885.
About Sandpiper:
Sandpiper is a Vancouver-based
private equity firm focused on investing in real estate through
direct property investments and securities. For more information
about Sandpiper, visit www.sandpipergroup.ca.
SOURCE Sandpiper Asset Management Inc.