Retirement of George J. Reti
HALIFAX, Nov. 29, 2013 /CNW/ - Killam Properties Inc. (TSX: KMP)
("Killam" or the "Company") announces that George J. Reti has retired
as chairman of the board and as a director of the Company effective
November 29, 2013. The board of directors has approved the appointment
of board member Robert G. Kay as the new non-executive chairman of the
Mr. Reti joined Killam's board of directors in 2002, Killam's first year
as a publicly traded company. He served as chairman since the Company's
listing on the Toronto Stock Exchange in 2003. During his eleven year
tenure Mr. Reti helped facilitate Killam's growth from a start-up with
$12 million in assets into a leading multi-family, residential real
estate company having a portfolio that totals $1.6 billion today.
The board of directors would like to thank Mr. Reti for all his
contributions to Killam and wish him well on his future endeavours.
Sale of New Brunswick MHC Portfolio Completed
Killam today closed the previously announced sale of its MHC portfolio
in New Brunswick totaling 2,308 sites. The sale price of the portfolio
was $69.0 million, resulting in net proceeds to Killam after mortgages
outstanding of $42.6 million. The decision to sell the portfolio was
based on the opportunity to crystalize the value of the portfolio at
current attractive cap rates and use the funds to continue to
accretively grow the apartment portfolio.
Killam Properties Inc., based in Halifax, Nova Scotia, is one of
Canada's largest residential landlords, owning, operating and
developing multi-family apartments and manufactured home communities.
SOURCE: Killam Properties Inc.
For further information:
Killam Properties Inc.
President & CEO