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Wheeler REIT taps KeyBanc Capital to advise on strategic review

Wheeler Real Estate Investment Trust Inc. retained KeyBanc Capital Markets as its financial adviser in a strategic review aimed at maximizing shareholder value.

The shopping center REIT launched the strategic review after the termination of Jon Wheeler as chairman, president and CEO of the company. Activist shareholder Joseph Stilwell of the Stilwell Group had called for the executive's removal, arguing that the company's share price did not reflect the value of its assets.

Wheeler said there is no definitive timeline for the process, and there is no guarantee that the review will result in any transaction.