Scott's REIT to expand Board
George Schott and David Peltz nominated as Trustees and Directors; Donald Biback to become Chairman
TORONTO, May 15, 2012 /CNW/ - Scott's Real Estate Investment Trust (TSX: SRQ.UN) ("Scott's REIT") today announced the proposed addition of two strong candidates to the Board of Trustees (the "Board"). The REIT announced that Mr. George Schott and Mr. David Peltz will be presented for election as independent Trustees, at the REIT's Annual General Meeting ("AGM") scheduled for June 20, 2012.
Mr. George Schott has spent more than 30 years in the real estate industry, most recently as the President and CEO of Osmington Inc. and the Chairman and CEO of Redcliff Realty Group. In the years prior to Osmington Inc. and Redcliff, Mr. Schott held a variety of senior positions at Oxford Properties, Markborough Properties Inc. and Bramalea Properties Inc. Mr. Schott has served on the Board of Directors of EllisDon Corporation since 2003 and is currently a member of the Investment Committee of Aurion Capital.
Mr. David Peltz has a diverse background in commercial real estate and financial analysis, and has spent his thirty-year career in a range of senior management and executive positions, involving sales, acquisitions and development. Mr. Peltz spent twelve years at TD Securities Inc., most recently as Managing Director leading the brokerage group in real estate investment banking. Prior to TD Securities Inc., Mr. Peltz founded Cornerstone Commercial Realty, a boutique real estate investment firm, which was subsequently purchased by TD Securities Inc. In the years prior, Mr. Peltz held a variety of senior roles at CB Richard Ellis Limited and Counsel Real Estate Investment Trust.
"We are very pleased to have George Schott and David Peltz join our Board," said John Bitove, Chairman of the Board and Chief Executive Officer. "George and David bring years of real estate expertise to the table and will be instrumental in forging a new path for Scott's REIT as it emerges this transitional year as a stronger, more diversified REIT, poised for growth. The combined strategic knowledge and reputation these two gentlemen enjoy in our industry will be an asset to the REIT moving forward."
In accordance with the Declaration of Trust, the Trustees fixed the number of Trustees to five from three by resolution of the Trustees on May 9, 2012. The current three independent Trustees of the REIT are Mr. John G. Jakolev, Mr. Donald M. Biback and Mr. Lewis S. Allen, all of whom are standing for re-election as Trustees at the REIT's upcoming AGM.
Further, the Trustees of the REIT also act as Directors of the trustee of Scott's Real Estate Limited Partnership, a subsidiary of the REIT. Following the election of the Trustees at the AGM, the Directors plan on appointing Mr. Donald M. Biback as the Chairman of the Board, strengthening further the governance of the Board by separating the duties of the Chairman from that of the Chief Executive Officer. Mr. John Bitove is the current Chairman of the Board of Directors.
"Don's experience and work with Scott's will make this an easy transition and will allow management to become even more focused on growing the REIT profitably," said Bitove.
The REIT's AGM will take place on June 20, 2012, at 10 a.m. EDT, at the TSX Gallery, The Exchange Tower, 130 King Street West, Toronto, Ontario.
For additional information regarding the REIT's AGM and proposed Board appointments, please refer to the REIT's Management Information Circular dated May 9, 2012, available on SEDAR, at www.sedar.com.
About Scott's Real Estate Investment Trust
Scott's REIT (TSX: SRQ.UN) is Canada's premier small-box retail property owner with 229 properties in eight provinces across Canada. Scott's REIT's properties are well located and geographically diverse across Canada with the majority of all properties containing long-term quadruple net leases. To find out more about Scott's Real Estate Investment Trust (TSX: SRQ.UN), visit our website at www.scottsreit.com.
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