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 board.
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.
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