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 outstanding units.
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
For further information: