VAUGHAN, ONTARIO–(Marketwired – July 21, 2016) – Smart Real Estate Investment Trust (TSX:SRU.UN) announces today that effective July 21, 2016 Peter Forde is promoted to President of SmartREIT, reporting to Huw Thomas, the REIT’s CEO.
“We are a growing REIT. Particularly with the acquisition last year of SmartCentres, SmartREIT has many exciting, accretive developments underway, many of which are mixed use development projects, the largest of which is the Vaughan Metropolitan Centre, our 53 acre, high-density development around the new subway station in Vaughan, being developed in conjunction with Mitchell Goldhar, SmartREIT’s Chairman and principal investor,” said Huw Thomas.
“Overall, we have no less than 70 developments, most of which are in or adjacent to our existing shopping centres, at various stages of planning, approvals and construction, totaling approximately 16 million square feet at our share and this is in addition to our existing income producing portfolio of 31 million square feet. With these mixed-use developments, along with initiatives in residential and expanding our outlet centre presence, SmartREIT is rapidly evolving, which requires evolving management. Peter Forde, with 18 years’ experience in senior roles at SmartCentres and SmartREIT, including over 10 years as COO, is an excellent fit for a growing array of management tasks, responsibilities and development opportunities. Plans are just words without the people-depth and skills to implement them. We have ambitious plans and we intend to deliver on them and in his new role, Peter will be instrumental in leading the team in the achievement of these goals,” added Thomas.
SmartREIT is one of Canada’s largest real estate investment trusts with total assets of approximately $8.6 billion. It owns and manages in excess of 31 million square feet in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. In addition, SmartREIT is a joint-venture partner in the Toronto and Montreal Premium Outlets with Simon Property Group. SmartREIT’s core vision is to provide a value-oriented shopping experience in all forms to Canadian consumers and to create high quality mixed use developments in urban settings. With SmartREIT’s 2015 acquisition of SmartCentres, SmartREIT has transformed into a fully integrated real estate provider. SmartREIT and SmartCentres have had a long and successful alliance, helping to provide Canadians with value-focused retail shopping centres across the country. The result is a fully integrated real estate provider with expertise in planning, development, leasing, operations, and construction – all under one roof. Our name is a reflection of our combined capabilities: SmartREIT. For more information on SmartREIT, visit www.smartreit.com.
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Chief Executive Officer
Smart Real Estate Investment Trust
(905) 326-6400 ext. 7649