Artis minority shareholder Sandpiper Group has agreed to support the REIT’s proposed merger with RFA Capital Holdings.

Sandpiper, which holds a 20% interest in the REIT, and its joint actors will vote in favour of the transaction and against any alternative or competing deal. The company has also promised not to block the deal in any way or negotiate with anyone other than RFA and its affiliates regarding any proposal to acquire Artis.

The proposed transaction calls for Artis to merge with RFA Capital through an all-stock transaction that will create a new public entity called RFA Financial.

If all goes according to plan, Artis will be delisted from the Toronto Stock Exchange and become a subsidiary of RFA Financial. But current Artis unitholders will own most of the stock in the new firm.

The proposed merger is expected to close in the first quarter of 2026, pending unitholder, shareholder, regulatory, and court approvals.

Photo: Artis REIT