MONTREAL, QUEBEC–(Marketwired – May 15, 2015) –
NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH UNITED STATES NEWS OR WIRE SERVICES.
PRO Real Estate Investment Trust (“PROREIT” or the “REIT“) (TSX VENTURE:PRV.UN) announced today that it will hold its Annual and Special Meeting of Unitholders (“Annual Meeting“) in Montreal at 11:00 a.m. on June 9, 2015 at the Paloma Picasso Hall, Sofitel Hotel Montreal, 1155 Sherbrooke Street West, Montreal, Québec H3A 2N3.
A notice of annual and special meeting of unitholders and the management information circular with details on items to be discussed and voted upon at the Annual Meeting has been mailed to unitholders as well as posted on SEDAR at www.sedar.com. Among other matters, unitholders will be asked to elect three new and highly experienced individuals to the board of trustees of the REIT (the “Board“).
“We are pleased to invite our unitholders to attend our Annual Meeting this year” said James W. Beckerleg, President and Chief Executive Officer of PROREIT. “The REIT has grown significantly since our first annual meeting held in June 2014, and so has our base of unitholders. Our management team and trustees look forward to meeting and chatting with our investors.”
“We are also pleased to announce that three highly qualified individuals are being nominated to join our Board, two of whom will sit as independent trustees. I am confident that PROREIT will benefit from their experience in real estate and real estate finance, and their extensive network of contacts in our industry” added Mr. Beckerleg.
Election of Trustees
Pursuant to its Declaration of Trust, PROREIT may have between three and 12 trustees (the “Trustees“) at any given time, and a majority of Trustees must be resident Canadians. The REIT currently has six Trustees.
At the Annual Meeting, unitholders will be asked to elect nine trustees. All current members of the Board will stand for re-election, including Mr. John Levitt, Ms. Shenoor Jadavji, Mr. Gérard A. Limoges, Mr. Vitale A. Santoro, Mr. Ronald E. Smith and Mr. James W. Beckerleg. In addition, Mr. Peter Aghar, Mr. Martin Coté and Mr. Vincent Chiara are being invited to join the Board.
Peter Aghar is the founder and President of Crux Capital Corporation. Mr. Aghar has a successful 20 year track record as an opportunistic value investor on an institutional scale, having been responsible for more than 100 real estate investments totaling over $6 billion in Canada and internationally, including equity investments, joint ventures, private equity funds, public companies and debt investments. Mr. Aghar was formerly President and founding partner of KingSett Capital and formerly Managing Director at GE Real Estate. He is a Certified Management Accountant and a graduate of the University of Waterloo with an Honors Mathematics Degree. Mr. Aghar joins Ms. Jadavji as nominees of Lotus Crux REIT LP to the Board.
Vincent Chiara, president and sole owner of the Groupe Mach Inc. (“Mach“), began his career in 1984 as a lawyer specializing in real estate transactions and corporate litigation. In 1999 he ceased practicing law and focused on real estate acquisitions and property development through Mach, a private holding company. Mach and its affiliates hold significant investments representing more than 6.5 million square feet of office buildings located in Montreal and throughout Québec, including the Stock Exchange Tower, the CIBC Tower, the Sun Life Building and the University Complex. Mach also renovated over one million square feet of obsolete office space in the Montreal region. Mach has built, developed and owns shopping centers in the Montreal region with a leasable area of over 1.5 million square feet. In addition to office and commercial spaces, Mach owns seven million square feet of industrial space, residential and development properties and land for development. Mr. Chiara will sit as an independent Trustee.
Martin Coté is a founder and managing member of Bluenose AC Investments Inc. (“Bluenose“), an investment vehicle formed to invest in real estate in Canada and the Unites States. Mr. Coté holds an MBA from the Richard Ivey School of Business and a Bachelor’s degree from HEC Montreal. Bluenose is the exclusive investment manager and partner to BXR Group for Canadian real estate investments. BXR is a private equity fund based out of Europe. Prior to founding Bluenose, Mr. Coté spent five years in the Czech Republic working for RPG Real Estate, a division of BXR Group. During that time, he oversaw the management and development of a 12,000 acre land portfolio as well as an investment in Tower Group A.S., a Danish listed company that owned 10,000 apartments in Germany. He also served as CEO of Tower Group A.S. where his responsibilities included compliance and regulatory matters as well as lender relations. He has also lead the acquisition of over 1,000 units of high quality apartments in Texas in partnership with Venterra Realty, a Toronto based real estate investment and asset manager. Mr. Coté will sit as an independent Trustee.
PROREIT (www.proreit.com) is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. PROREIT was established in March 2013 to own a portfolio of diversified commercial real estate properties in Canada, with a focus on primary and secondary markets in Québec, Atlantic Canada and Ontario with selective expansion into Western Canada. The portfolio is comprised of 22 properties with approximately 1 million square feet of commercial gross leasable area. PROREIT’s portfolio is diversified by property type and geography across Québec, New Brunswick, Nova Scotia and Alberta.
|WHAT:||PROREIT 2015 Annual and Special Meeting of Unitholders|
|DATE:||June 9, 2015|
|TIME:||11:00 a.m. ET|
|WHERE:||Paloma Picasso Hall at the Sofitel Hotel Montreal, 1155 Sherbrooke Street West, Montreal, Québec H3A 2N3|
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
James W. Beckerleg
President and Chief Executive Officer
PRO Real Estate Investment Trust
Gordon G. Lawlor, CA
Chief Financial Officer