Private equity firm Sandpiper Group is calling for changes to Toronto's Agellan Commercial Real Estate Investment Trust — and fast.

The Vancouver-based activist investor has taken a 10% stake in Agellan Commercial and is in talks with the REIT about its strategy and the potential reorganization of its board. Agellan holds industrial, office and residential assets in both Canada and the U.S., and has a market cap of C$387M (US$317.5M), Bloomberg reports.

Sandpiper said in a statement that Agellan is not trading to its full value and the company is therefore invested in working toward implementing a new plan it feels will be more beneficial to shareholders. 

Should Agellan not take the proposal under consideration, Sandpiper said it is ready to take action by calling a shareholder meeting in which it will push for changes to Agellan’s board. Sandpiper is the second-largest stakeholder of the REIT and has the support of a number of other unitholders, including ELAD Canada, which owns about 19% of Agellan, Bloomberg reports.

Agellan shares were up 3.5% on Friday following the announcement, with shares trading at C$11.80 — its highest price since February.

Discussions are ongoing.