STELLARTON, NS, May 19 /CNW/ - Crombie Real Estate Investment Trust ("Crombie") (TSX: CRR.UN) is pleased to announce the appointment of Michael Knowlton to its Board of Trustees effective immediately.
Mr. Knowlton recently retired as President & Chief Operating Officer of Dundee REIT; a position he held since 2006. He joined Dundee REIT in 1998 and prior to becoming President & Chief Operating Officer he held positions as Executive Vice President & Chief Operating Officer and Executive Vice President & Chief Financial Officer. During Mr. Knowlton's tenure at Dundee REIT the organization enjoyed a period of significant national growth and transformation.
Prior to joining Dundee REIT, Mr Knowlton, from 1990 to 1996, was Senior Vice President & Chief Financial Officer of OMERS Realty Corporation helping to lead the company from formation to one of the premier real estate holding companies in Canada.
"We are extremely pleased to welcome Michael to our Board" commented Crombie Chair Frank Sobey. "His outstanding credentials, background and real estate industry experience will be invaluable in supporting Crombie's current and future growth aspirations."
With this announcement, Crombie's Board returns to twelve members as Mr Knowlton fills the vacancy from the recent retirement of David Hennigar. Mr Hennigar was replaced as Lead Independent Trustee by Mr. John Eby, who joined Crombie's Board in 2008. The appointment of Mr. Knowlton was made by the Board of Trustees in accordance with Crombie's Declaration of Trust.
Crombie is an open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. The trust invests in income-producing retail, office and mixed-use properties in Canada, with a future growth strategy focused primarily on the acquisition of retail properties. Crombie currently owns a portfolio of 133 commercial properties in eight provinces, comprising approximately 12.2 million square feet of rentable space.
This news release contains 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 "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. Forward-looking statements necessarily involve known and unknown risks and uncertainties. A number of factors, including those discussed in the 2010 annual Management Discussion and Analysis 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.
In particular, certain statements in this document discuss Crombie's anticipated outlook of future events, including the acquisition of properties, which could be impacted by due diligence matters or the demand for properties and the effect that demand has on acquisition capitalization rates and changes in interest rates. 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.
SOURCE CROMBIE REIT
For further information: Glenn Hynes, C.A., Chief Financial Officer and Secretary, Crombie REIT, (902) 755-8100