IGW Real Estate Investment Trust (“IGW”) was successful in a proxy contest to replace four incumbent trustees of Partners Real Estate Investment Trust (“Partners”) with four trustees nominated by IGW.
IGW is the largest unitholder of Partners, owning 14.7 per cent of the outstanding units. IGW also owns LAPP Global Asset Management Corp. (LAPP), which acts as manager of Partners.
Following the determination by IGW that it could not support the re-election of one of the trustees of Partners, IGW learned that four of the incumbent trustees were considering internalizing management of Partners. IGW, while recognizing internalization as an option to be considered in the future, argued that the current scale of Partners did not yet justify internalization from a cost perspective.
Effective as of the close of the annual meeting of the unitholders of Partners, the trustees nominated by IGW formed the board of trustees of Partners.
Goodmans LLP represented IGW and LAPP with a team led by Stephen Pincus and Robert Vaux, and included Mark Spiro, Jonathan Feldman, Brian Savage and Chris Sunstrum (corporate) and Alan Mark (litigation).
McCarthy Tétrault LLP represented Partners REIT with a team led by David Tennant and that included Deandra Schubert (corporate/securities) and Malcolm Mercer (litigation).