QUÉBEC CITY, QC, Feb. 12, 2018 /CNW Telbec/ - Cominar Real Estate Investment Trust ("Cominar" or the "REIT") (TSX: CUF.UN) announced today that Mr. Michel Dallaire has resigned as Chairman of the board of trustees and trustee, in order to devote his time and energy on future development projects of the Groupe Dallaire in Québec City.
Following the resignation of Mr. Dallaire, Mr. Alban D'Amours was appointed Chairman of the Board of Trustees of Cominar. Mr. D'Amours has been a trustee of Cominar since 2009 and most recently Cominar's lead independent trustee. Mr. D'Amours was also President and Chief Executive Officer of the Desjardins Group from 2000-2008.
"Cominar wishes to sincerely thank Michel for his exceptional contribution and dedication over the twenty years he has served as an executive and a trustee of Cominar," said Mr. Alban D'Amours, Chairman of the Board of Trustees, "We all wish him the best of success in his future endeavors".
"Cominar has been an important part of my life since its creation twenty years ago," stated Mr. Dallaire, "As part of a planned transition, the time has now come for me to move on, knowing that Cominar is in good hands with an experienced board and management team."
PROFILE AS AT FEBRUARY 12, 2018
Cominar is the third largest diversified real estate investment trust in Canada and currently remains the largest commercial property owner in the Province of Québec. The REIT owns a real estate portfolio of 525 properties in three different market segments, that is, office properties, retail properties and industrial and mixed-use properties. Cominar's portfolio totals 44.1 million square feet spread out across Québec, Ontario, the Atlantic Provinces and Western Canada. Cominar's objectives are to pay growing cash distributions to unitholders and to maximize unitholder value through proactive management.
This press release may contain forward-looking statements with respect to Cominar and its operations, strategy, financial performance and financial condition, including statements with respect to the exploration by Cominar of strategic alternatives. These statements generally can be identified by the use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intend", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of Cominar discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described under "Risk Factors" in Cominar's Annual Information Form. The cautionary statements qualify all forward-looking statements attributable to Cominar and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release. Cominar does not assume any obligation to update the aforementioned forward-looking statements, except as required by applicable laws.
SOURCE COMINAR REAL ESTATE INVESTMENT TRUST
For further information: Sylvain Cossette, President and Chief Executive Officer; Gilles Hamel, Executive Vice-President and Chief Financial Officer, Tel: 418 681-8151, [email protected], [email protected]