(Reuters) - Canada's First Capital REIT said on Monday investment firm Sandpiper Group and Artis Real Estate Investment Trust would withdraw their nominees for election to the Canada-based firm's board of trustees.
Sandpiper and Artis will also withdraw their request for a shareholder meet under the agreement announced Monday, First Capital said.
Canadian private equity firm Sandpiper said in December it had launched a campaign to overhaul the board at First Capital, nominating four new members after "long record of underperformance."
"As a significant owner of First Capital, we will continue to collaborate with the Board and provide constructive input and ideas for their consideration," Sandpiper Chief Executive Samir Manji said.
Since the pandemic, REITS have been hit by surging interest rates and widespread redemptions and investors have told Reuters they expect further declines in the market and the property sector.
(Reporting by Priyamvada C in Bengaluru; Editing by Sriraj Kalluvila)