Crombie REIT Announces Leadership Team Additions
STELLARTON, NS, March 20, 2014 /CNW/ - Donald Clow, FCA, President and CEO of Crombie REIT, today announced changes to its leadership team due to the REIT's growth over the last three years including its recent acquisition of 70 Safeway properties in Western Canada from Sobeys Inc., which propelled Crombie into a national retail landlord with 249 properties at total value nearing $4 billion. The leadership changes are as follows:
Glenn Hynes, FCA, currently Chief Financial Officer (CFO) and Secretary, becomes Executive Vice President, CFO and Secretary.
Patrick Martin, MBA, formerly Regional Vice President Atlantic Canada, becomes Executive Vice President, Operations. Pat will have executive responsibility for operations nationally across Canada. Reporting to Pat are Scott MacLean, Regional Vice President, Atlantic Canada, Gary Finkelstein, Regional Vice President, Central Canada, and Trevor Lee, in the newly created role of Regional Vice President, Western Canada.
Clow commented "This is an exciting time in Crombie's growth and these appointments are an important factor in our future success as a growing national company focused on owning and operating primarily food and drug store anchored retail properties in Canada's Top 36 markets".
Crombie Real Estate Investment Trust ("Crombie") is an open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie currently owns a portfolio of 249 retail and office properties across Canada, comprising approximately 17.6 million square feet with a strategy to own and operate a portfolio of high quality grocery and drug store anchored shopping centres and freestanding stores in Canada's top 36 markets. More information about Crombie can be found at www.crombiereit.com.
This news release may contain forward looking statements that reflect the current expectations of management of Crombie about Crombie's future results, performance, achievements, prospects and opportunities. Wherever possible, words such as "continue", "may", "will", "estimate", "anticipate", "believe", "expect", "intend" and similar expressions have been used to identify these forward looking statements. These statements reflect current beliefs and are based on information currently available to management of Crombie.
Readers are cautioned that such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from these statements. Crombie can give no assurance that actual results will be consistent with these forward-looking statements. A number of factors, including those discussed in the Management Discussion and Analysis for the year ended December 31, 2013 under "Risk Management", could cause actual results, performance, achievements, prospects or opportunities to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and a reader should not place undue reliance on the forward looking statements. There can be no assurance that the expectations of management of Crombie will prove to be correct.
SOURCE Crombie REITFor further information:
Mr. Glenn Hynes, FCA
Executive Vice President, Chief Financial Officer and Secretary