Derek Dermott To Step Down
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TORONTO, Aug. 28, 2015 /CNW/ - Agellan Commercial Real Estate Investment Trust today announced that its President Derek Dermott has stepped down by mutual agreement with the REIT's Board of Trustees.
Mr. Dermott assumed the role of President of Agellan Commercial Real Estate Investment Trust in January 2013.
"I am grateful to Derek Dermott for his service and wish him well in the next phase of his career," said Richard Dansereau, Chair of the Board of Trustees. "Derek leaves us with a strong foundation for the future. We are committed to achieving the long term strategic vision that has been established for the REIT."
On Mr. Dermott's departure, CEO Frank Camenzuli will manage the company with oversight from the Board of Trustees.
About Agellan Commercial Real Estate Investment Trust:
Agellan Commercial Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust created for the purpose of acquiring and owning industrial, office and retail properties in select major urban markets in the United States and Canada. The REIT's current portfolio aggregates approximately 4.5 million square feet of gross leasable area in 31 properties. The properties are primarily located in Texas, Ontario and the U.S. Midwest. The REIT's portfolio is well diversified by geographic location, asset class and tenant mix.
The REIT's asset manager is Agellan Capital Partners Inc ("ACPI"). Founded in 2003, ACPI is a privately held real estate investment management company which has transacted over $1.7 billion of commercial real estate on behalf of its clients.
For more information on Agellan Commercial Real Estate Investment Trust, visit http://www.agellanreit.com.
SOURCE Agellan Commercial Real Estate Investment Trust
For further information: Frank Camenzuli, Chief Executive Officer, (416) 593-6800