Granite Reit to name new directors amid opposition
Activist investor FrontFour Capital Group and partner are pushing for change
Toronto
GRANITE Real Estate Investment Trust, Canada's largest industrial real estate firm, plans to nominate two new board members amid a push for change at the company by activist investor FrontFour Capital Group and its partner, Vancouver-based Sandpiper Group.
Toronto-based Granite said in documents filed with regulators on Tuesday that it would nominate real estate veteran Remco Daal, president of Canadian real estate at QuadReal Property Group, and Kelly Marshall, managing partner of corporate finance at Brookfield Asset Management Inc, for the board at the company's annual general meeting on June 15. Two other trustees, Michael Brody and Brody Gilbertson, aren't standing for re-election, the company said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Homebuyers shun new real estate in Vancouver, hurting builders
US pending home sales jump in March to hit highest in the year
Blackstone strikes US$1.6 billion student housing deal with KKR
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co