Activist hedge fund Ramius Capital is voting against the buy out of a real estate investment trust, claiming management did not seek competitive bids because of the size of guaranteed payouts if the deal is approved.

Ramius, which holds a 9.1% stake in REIT Columbia Equity Partners, said in a filing with the Securities and Exchange Commission that Columbia's management did not consider offers other than that of JP Morgan because of the payments they will receive if the deal goes ahead.