First Capital Real Estate Investment Trust has reached an agreement with an activist investor group that was seeking to replace four of its trustees.

Under the terms of the deal, Sandpiper and Artis Real Estate Investment Trust will withdraw a unitholder meeting requisition, as well as their nominees for election to the First Capital board of trustees.

The trust says the agreement contains customary standstill and other provisions, but does not include further changes to its board.

The settlement follows several changes at the First Capital board last month including an agreement with Vision Capital Corp. and Ewing Morris and Co. Investment Partners Ltd. that increased the size of the board to 10 and appointed Richard Nesbitt as a trustee.

First Capital also named Paul Douglas, who had been an independent trustee since 2019, as the new board chair, replacing Bernard McDonell, who retired from the board.

Ira Gluskin was also added as a trustee.