In October 2025, CRE Daily reported that Oksenholt Capital Management had publicly opposed the proposed take-private of City Office REIT, arguing that the offer materially undervalued the company and had been reached without a competitive bidding process.
City Office REIT shares had fallen from a 2022 high of $21.24 to $5.57 by July 2025, erasing more than $600 million of market capitalisation. Oksenholt Capital, which holds a position in the company, characterised the transaction with the Elliott-affiliated bidder as a liquidation sale rather than a sale process run for shareholders, and put its own estimate of book value at roughly $15 per share.
- $21.24 → $5.57Share price, 2022 peak to July 2025
- >$600MMarket capitalisation erased
- ~$15Book value per share, per Oksenholt’s analysis
- $2–$7MAnnual savings identified
What Oksenholt Capital called for
- 01An open, competitive bidding process in place of privately negotiated terms.
- 02New independent directors appointed to the board.
- 03US-based leadership, and a wind-down of the Canadian operations.
- 04Leasing brought in-house, with reduced reliance on third-party vendors.
- 05Stronger asset-level marketing, and a strategic restructuring to close the gap to book value.