Welcome!

News Feed Item

Partners Real Estate Investment Trust Completes Management Internalization

VICTORIA, BRITISH COLUMBIA -- (Marketwired) -- 02/14/14 -- Partners Real Estate Investment Trust (TSX: PAR.UN) (the "REIT") is pleased to announce that it has terminated its management agreement with McCowan & Associates Ltd. ("McCowan") and completed the internalization of its management, effective February 15, 2014.

As previously announced on December 15, 2013, McCowan has agreed to waive all notice requirements and terminate the management agreement on payment by the REIT of a termination fee of $1.5 million. This amount is approximately $1.9 million less than the termination fee that would otherwise have been payable by the REIT to its prior manager, LAPP Global Asset Management Corp., upon voluntary internalization in 2014.

Under the internalization plan, Partners' head office, including the REIT's executive, asset management, and financial functions, will relocate to Barrie, Ontario. The REIT also expects to maintain offices in Toronto, Ontario and Victoria, British Columbia. As previously announced on February 11, 2014, Mr. Ron McCowan will serve as the REIT's interim Chief Executive Officer and President, while Mr. Derrick W. West has been appointed to the position of Chief Financial Officer.

Partners is also pleased to announce that Ms. Jane Domenico has been appointed to the position of Chief Operating Officer, and that Mr. Marc Charlebois has been appointed an independent member of the Board of Trustees, effective today.

Ms. Domenico currently serves as Partners' Vice President of Asset Management, and possess more than 20 years of experience in the real estate industry. This experience includes management of more than $13 billion in retail assets, as well as responsibility for more than $1.5 billion in development capital investments, and more than $500 million in operating capital expenditures. Ms. Domenico has significant experience with Canada's largest pension fund developers. She was the joint venture partner with Cadillac Fairview and Oxford. She has worked directly with Ivanhoe Cambridge and Oxford. While at Oxford, Ms. Domenico performed asset management for Primaris REIT. She has worked as a third party advisor alongside some of the nation's largest pension fund real estate investors, notably the Canada Pension Plan Investment Board and Greystone Management. Ms. Domenico holds a Bachelor of Commerce Degree from McMaster University.

Partners is also pleased to announce that Mr. Marc Charlebois has been appointed an independent member of the Board of Trustees, effective today. Mr. Charlebois possesses more than 20 years of experience in the real estate industry. He recently served as the Chief Executive Officer at Rodenbury Investments Limited, a private company investing in commercial real estate, and as the Chief Operating Officer at Calloway Real Estate Investment Trust, one of Canada's leading publicly traded retail real estate investment trusts. Mr. Charlebois is a past serving officer in the Canadian Armed Forces. He holds a Bachelor of Engineering degree from the Royal Military College of Canada and an MBA specializing in finance and marketing from Queens University.

"The Board of Trustees is excited to announce the successful completion of the internalization of Partners' management," stated Mr. Joseph Feldman, the Chairman of the REIT's Board of Trustees. "We would like to express our appreciation to McCowan and Associates Ltd. for their assistance throughout this process, and are pleased that we will continue to benefit from Mr. McCowan's leadership while we conduct a search for a permanent President and Chief Executive Officer. The Board is also pleased to welcome Mr. Charlebois and Ms. Domenico, both of whom possess significant experience within our industry. 2014 has begun on a promising note, and we looks forward to working alongside the internalized management team and staff to ensure that this year marks a transformational period in Partners' history."

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 39 retail properties, well-located in British Columbia, Alberta, Manitoba, Ontario, and Quebec, aggregating approximately 2.7 million square feet of leasable space. Partners REIT focuses on expanding and managing a portfolio of retail and mixed-use community and neighbourhood shopping centres located in both primary and secondary markets across Canada.

Disclaimer

Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect," "will" and similar expressions to the extent they relate to Partners REIT. The forward-looking statements are not historical facts but reflect Partners REIT's current expectations regarding future results or events. These forward looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including access to capital, regulatory approvals, intended acquisitions and general economic and industry conditions. Although Partners REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.

Contacts:
Partners Real Estate Investment Trust
Derrick W. West
Chief Financial Officer
(506) 874-1176
www.partnersreit.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors!
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
JETRO showcased Japan Digital Transformation Pavilion at SYS-CON's 21st International Cloud Expo® at the Santa Clara Convention Center in Santa Clara, CA. The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
The now mainstream platform changes stemming from the first Internet boom brought many changes but didn’t really change the basic relationship between servers and the applications running on them. In fact, that was sort of the point. In his session at 18th Cloud Expo, Gordon Haff, senior cloud strategy marketing and evangelism manager at Red Hat, will discuss how today’s workloads require a new model and a new platform for development and execution. The platform must handle a wide range of rec...
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
"We view the cloud not as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo (http://www.CloudComputingExpo.com), held June 7-9 at the Javits Center in New York City, NY.
DXWorldEXPO LLC announced today that the upcoming DXWorldEXPO | CloudEXPO New York event will feature 10 companies from Poland to participate at the "Poland Digital Transformation Pavilion" on November 12-13, 2018.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
We all know that end users experience the internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices - not doing so will be a path to eventual ...
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.