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
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle.
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...