TORONTO–(BUSINESS WIRE)–Slate Office REIT (TSX: SOT.UN) (the “REIT”), an owner and operator of office real estate, announced today that, upon completion of the Proposed Acquisition (as defined below), Charles Peach will assume the role of Chief Financial Officer (“CFO”) of Slate Office REIT. He will replace Michael Sheehan, who is stepping down from his role as CFO to pursue other opportunities.
Peach currently serves as CFO of Yew Grove REIT plc (“Yew Grove”), an Irish-incorporated real estate investment trust that is dual-listed on Euronext Dublin (Ireland) and the AIM market of the London Stock Exchange. Slate Office REIT has made a firm offer to acquire all of the issued and outstanding shares of Yew Grove (the “Proposed Acquisition”), which was approved by the shareholders of Yew Grove on December 23, 2021. Subject to and upon completion of the Proposed Acquisition, which is expected to occur in February 2022, Peach will step into the role of CFO of Slate Office REIT. No additional remuneration or incentive will be payable to Peach upon him taking on this role.
“Charles is a deeply experienced financial executive with an impressive track record of driving growth and operational excellence,” said Steve Hodgson, Chief Executive Officer of Slate Office REIT. “His global experience, deep knowledge of the office and lite-industrial sectors, and capital markets expertise will be invaluable as we continue to grow our platform, further enhance the stability and quality of our portfolio and create value for our investors.”
Hodgson added: “We are very grateful to Michael for his many contributions over the last several years, and we wish him all the best in his future endeavors.”
Peach has nearly three decades of experience in capital markets, including structuring and raising capital for companies and funds. He started his career with Bear Stearns’ Financial Analytics and Structured Transactions group before joining Nomura’s Exotic Credit Trading Group. In addition to raising and structuring financing for funds and corporate borrowers, he has advised pension schemes and banks on their funding requirements and strategies.
In 2012, Peach joined the Parapet Capital Advisors management team. He and the team established the Yew Tree Investment Fund (“Yew Tree Fund”) targeting Irish office and industrial property and acted as investment adviser to the Yew Tree Fund’s Alternative Investment Fund Manager. The Yew Tree Fund portfolio was purchased by Yew Grove at IPO. In April of 2018, Peach became a Director of Yew Grove and was appointed as CFO in June of that same year. He served on the Investment Committees of both the Yew Tree Fund and Yew Grove.
Peach will work closely with the REIT’s senior management team to ensure a seamless transition in the coming weeks.
About Slate Office REIT (TSX: SOT.UN)
Slate Office REIT is an owner and operator of office real estate. The REIT owns interests in and operates a portfolio of 32 strategic and well-located real estate assets across Canada’s major population centres and includes two assets in downtown Chicago, Illinois. 61% of the REIT’s portfolio is comprised of government or credit rated tenants. The REIT acquires quality assets and creates value for unitholders by applying hands-on asset management strategies to grow rental revenue, extend lease term and increase occupancy. Visit slateofficereit.com to learn more.
About Slate Asset Management
Slate Asset Management is a global alternative investment platform focused on real estate. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform spans a range of investment strategies, including opportunistic, value add, core plus and debt investments. We are supported by exceptional people and flexible capital, which enables us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
Statements required by the Irish Takeover Rules
The trustees of the REIT accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the trustees of the REIT (who have taken all reasonable care to ensure that this is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
Certain information herein constitutes “forward-looking information” as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. Some of the specific forward-looking statements contained herein include, but are not limited to, statements with respect to the completion of the Proposed Acquisition and the expected timing for completion of the Proposed Acquisition. The words “plans”, “expects”, “does not expect”, “scheduled”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projects”, “believes”, or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “occur”, “be achieved”, or “continue” and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.
Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators.
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