BROSSARD, QC, Dec. 6, 2013 /CNW Telbec/ - BLF Real Estate Investment
Fund (TSXV: BLF.UN) today announces that the company has made changes
to its senior management team and to its shareholding.
Senior management team
The Board of Trustees of BLF Real Estate Investment Trust ("BLF") has
expanded the role of Mathieu Duguay President and Chief Executive
Officer to now include Chairman of the Board of Trustees. Mr. Duguay
succeeds Claude Blanchet who has chaired the Board since December 2012.
"I wish to thank the board for its confidence," said BLF President and
CEO Mathieu Duguay. "BLF is a fast-growing business, and our goal is to
become a leading owner of multi-residential assets. By combining our
local presence and our company's flexibility and speed of execution, we
have the opportunity to consolidate the multi-family market in Quebec."
BLF has also announced the departure of Marc Marois Vice President
Investment and Asset Management from the company and from the Board of
Trustees. This position has been abolished and its functions now
redistributed to the senior management team.
"I wish to thank Claude Blanchet and Marc Marois for their help over the
past year," continued Mathieu Duguay.
BLF's board of trustees has also approved the transfer of the asset
management agreement between BLF and Premier Investisseur S.E.C. to
COGIR Gestion d'actifs inc., a company controlled by Mathieu Duguay,
that offers the same services under the same terms and conditions.
As a result of these operations and changes in the management team, Mr.
Blanchet and Mr. Marois will no longer retain any financial investment
in BLF or in the new asset management entity, and will not be a member
on any management body of the company.
In parallel with these changes, Claude Blanchet will sell all his units
in BLF (121,701) to Moray Tawse at a per-unit price of $8.50. This
private transaction will be completed today. Mr. Tawse will hold 5.3%
of all outstanding units. Also, in another private transaction
completed on December 5th, Mathieu Duguay has bought from Marc Marois all his units in BLF
(39,875) at a per-unit price of $8.50. Mr. Duguay now holds 26% of all
Moray Tawse becomes a member of BLF's Board of Trustees. Mr. Tawse is a
cofounder of First National Financial LP, a TSX listed company with
over $74 billion in mortgages under administration. First National is
Canada's largest non-bank originator, underwriter and servicer of
predominantly prime residential (single-family and multi-unit) and
commercial mortgages. As Vice President, Mortgage Portfolio, Mr. Tawse
is responsible for the company's business mortgage operations. "It is
an honour and privilege to work with Mr. Tawse and I look forward to
being able to count on his considerable experience as we strive to
deliver long-term value for shareholders," says Mr. Duguay.
BLF's main business consists of acquiring, holding, refurbishing,
improving, renting and managing revenue-producing multi-family
residential buildings in Quebec. BLF currently owns eight buildings in
Greater Montreal, Sherbrooke and Quebec totalling 1,054 apartments.
The TSX Venture Exchange and its regulated services provider (in the
sense of TSX Venture Exchange policy) takes no responsibility for the
pertinence or accuracy of this press release.
SOURCE: BLF Real Estate Investment Trust
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