VANCOUVER, May 12, 2015 /CNW/ – The Board of Trustees of Pure Industrial Real Estate Trust (“PIRET”) (TSX: AAR.UN) announced today that its co-Founder, Co-CEO and Trustee, Steve Evans has stepped down in his role as Co-CEO of PIRET to focus on his continuing role as CEO of Pure Multi-Family REIT LP.
PIRET’s Board of Trustees has appointed its current President and Co-CEO, Kevan Gorrie, as PIRET’s sole CEO effective immediately.
“This transition has been planned for some time and the Board felt it was an opportune time for the transition to occur,” stated PIRET’s Chairman of the Board, Rick Turner. “The Board is pleased that Kevan has agreed to assume the role of PIRET’s sole CEO and we are confident that his in-depth knowledge of the North American industrial real estate industry, Canadian financial markets, and his expertise as a successful senior executive will allow us to effect a seamless transition.
“Kevan has been President of PIRET since October 2012 and Co-CEO since January 2014. Under Kevan’s leadership, PIRET will continue to focus on enhancing the value of our industrial real estate platform and creating value for our unitholders.
“We thank Steve for his years of service as PIRET’s co-Founder and Co-CEO and wish him the best in his other roles.”
Steve co-founded PIRET with the late Darren Latoski in August, 2007 and has helped grow PIRET from its $20 million IPO to Canada’s leading industrial REIT, with a market cap of close to $1 billion. Since 2007, PIRET has raised approximately $797 million in equity financing and acquired a portfolio of 174 industrial properties in Canada and the U.S. having a total value of approximately $1.9 billion. Steve’s leadership, knowledge of the Canadian capital markets, and keen real estate acumen helped develop PIRET as one of Canada’s leading industrial REITs and an acquirer of high-quality real estate properties.
Steve will continue in his role as a member of PIRET’s Board of Trustees and in a role as Founder (where he will continue to provide advice and counsel) and will serve on PIRET’s Nominating and Governance Committee. In addition to being CEO of Pure Multi-Family REIT LP, Steve is also the Chief Operating Officer of Sunstone Realty Advisors Inc. and the acting Chief Financial Officer of REALnorth Opportunities Fund.
About Pure Industrial Real Estate Trust
PIRET is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets. PIRET is an internally managed REIT that focuses exclusively on investing in industrial properties.
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SOURCE Pure Industrial Real Estate Trust (PIRET)