QUÉBEC CITY, Dec. 4, 2018 /CNW
Telbec/ - Cominar Real Estate Investment Trust ("Cominar" or
the "REIT") (TSX: CUF.UN) announces today that Mr. Alban D'Amours,
Chairman of Cominar's board of trustees, has advised Cominar that
he will not stand for re-election at Cominar's 2019 annual meeting
of unitholders.
In addition, Cominar has entered into a board refreshment
agreement (the "Board Refreshment Agreement") with FrontFour
Capital Group LLC, Westdale Construction Co. Limited and K2 &
Associates Investment Management Inc. (together, collectively, the
"Unitholders").
As part of its ongoing board renewal process and following the
announcement of the nomination of Ms. Heather Kirk as Executive Vice-President and
Chief Financial Officer, Mr. Zachary Ryan
George, Co-Founder and Portfolio Manager at FrontFour will
be appointed trustee of Cominar as of January 2, 2019, following Ms. Kirk's resignation
from the board of trustees. Mr. George will sit on Cominar's
nominating and governance and investment committees.
Mr. Mitchell Cohen, Chief
Operating Officer of Westdale, will be nominated by Cominar to fill
the vacancy created by Mr. D'Amours' departure on the slate of
persons to be elected as trustees of the REIT, subject to the
conditions of the Board Refreshment Agreement.
Finally, an additional nominee will be jointly designated by
Cominar and the Unitholders to be included on the slate of persons
to be elected as trustees of the REIT at Cominar's 2019 annual
meeting of unitholders. The Unitholders agreed, pursuant to the
Board Refreshment Agreement, to customary standstill and other
obligations.
"I wish to thank Mr. D'Amours for his significant leadership and
his years of service on the board of Cominar," stated Mr.
Sylvain Cossette, Cominar's
President and Chief Executive Officer. "Mr. D'Amours' experience
and wisdom have been invaluable to us as we have been transforming
Cominar. The completion of this board refreshment process enables
Cominar to continue to execute on its strategic plan, and to evolve
in Cominar 2.0. We look forward to welcoming Messrs. George and
Cohen to the board and to their contribution to our success."
Commenting on his appointment, Mr. George stated, "I look
forward to working with Cominar's board and management team to
unlock value for all unitholders."
Forward-looking information:
This press release may contain forward-looking statements with
respect to Cominar and its operations, strategy, financial
performance and financial condition. These statements generally can
be identified by the use of forward-looking words such as "may",
"will", "expect", "estimate", "anticipate", "intend", "believe" or
"continue" or the negative thereof or similar variations. The
actual results and performance of Cominar discussed herein could
differ materially from those expressed or implied by such
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
Some important factors that could cause actual results to differ
materially from expectations include, among other things, general
economic and market factors, competition, changes in government
regulation and the factors described under "Risk Factors" in
Cominar's Annual Information Form. The cautionary statements
qualify all forward-looking statements attributable to Cominar and
persons acting on its behalf. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press
release. We do not assume any obligation to update the
aforementioned forward-looking statements, except as required by
applicable laws.
Profile as at December
4, 2018
Cominar is one of the largest diversified real estate investment
trusts in Canada and is the
largest commercial property owner in the Province of Québec. The
REIT owns a real estate portfolio of 429 properties in three
different market segments, that is, office properties, retail
properties and industrial and mixed-use properties. Cominar's
portfolio totals 38.2 million square feet located in the
Montreal, Québec City and
Ottawa areas. Cominar's primary
objectives are to maximize unit value through the proactive
management of its properties.
SOURCE Cominar Real Estate Investment Trust