SANDPIPER GROUP ENTERS INTO VOTING SUPPORT AGREEMENT FOR PROPOSED ARRANGEMENT OF ARTIS REAL ESTATE INVESTMENT TRUST AND RFA CAPITAL HOLDINGS INC.

VANCOUVER, BC, Sept. 16, 2025 /CNW/ – Further to the press release of Artis Real Estate Investment Trust (“Artis” or the “REIT“)(TSX:AX.UN) and RFA Capital Holdings Inc. (“RFA“) dated September 15, 2025, the Sandpiper Group (“Sandpiper“), together with certain of its joint actors, have entered into voting support agreements (the “Voting Support Agreements“) with RFA in connection with the proposed arrangement transaction of RFA and Artis (the “Transaction“). Pursuant to the Transaction, Artis and RFA will combine and RFA will acquire all of the common units (“Units“) of Artis. Closing of the Transaction is subject to, among other things, court approvals and customary regulatory approvals.

Under the Voting Support Agreements, Sandpiper and certain of its joint actors shall agree:

a)    to vote their Units in favour of the Transaction and against any alternative or competing transaction;

b)    to not sell, transfer, gift, assign, grant a participation interest in, option, pledge, hypothecate, grant a security or voting interest in or otherwise convey or encumber, or enter into any agreement, option or other arrangement to effect any of the foregoing restrictions in respect of their beneficially owned and controlled Units, other than pursuant to the arrangement agreement of the Transaction (the “Arrangement Agreement“)or with written consent of RFA;

c)    to not exercise, or cause to be exercised, dissent or similar rights in respect of the Transaction, or otherwise oppose the Transaction and the transactions contemplated by the Arrangement Agreement, and not to take any other action which would be expected to impede, frustrate, interfere with, postpone, prevent, adversely effect or delay the transactions contemplated by the Arrangement Agreement; and

d)    to not, directly or indirectly, enter into or participate in any discussions or negotiations with any person or group of persons other than RFA and its affiliates regarding an acquisition proposal of Artis, or enter into any agreement, arrangement, understanding, including, without limitation, any support agreement, letter of intent, term sheet or similar document regarding any acquisition proposal of Artis.

The Voting Support Agreements may be terminated under the circumstances set forth therein.

The description of the terms of the Arrangement Agreement and the Voting Support Agreements contained herein is a summary only and is qualified in its entirety by the terms of the Arrangement Agreement and the form of Voting Support Agreements, copies of which will be available on Artis’ SEDAR+ profile at www.sedarplus.ca.

Immediately prior and after the announcement of the Transaction, Sandpiper, together with its joint actors, beneficially owned and controlled 19,273,559 Units, representing approximately 20.0% of the issued and outstanding Units.

The Units are held for investment purposes. Subject to the Voting Support Agreements, 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 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.

About Sandpiper:

Sandpiper Group is an investment arm of the Manji Family, focused on private acquisition opportunities and strategic equity investments.    For more information about Sandpiper, visit www.sandpipergroup.ca.

SOURCE Sandpiper Group