CALGARY, Feb. 5, 2014 /CNW/ - The Board of Trustees of Northern Property Real Estate Investment Trust ("NPR") today announced the appointment of Mr. Kevin Grayston, C.A., as a Trustee of NPR.
"We are very pleased that Mr. Grayston has accepted our invitation to join the NPR Board," said NPR Chair Douglas H. Mitchell, C.M., A.O.E., Q.C. "Kevin's extensive real estate business background and public company experience will serve our unitholders well."
Mr. Grayston was formerly the independent director of NorSerCo Inc., NPR's stapled company, from January, 2011 until its dissolution on January 31, 2014. Mr. Grayston's real estate experience and financial acumen were valued skills on the NorSerCo Board, and the Trustees believe that his knowledge and skills are the right fit for the NPR Board. Management intends to nominate Mr. Grayston as a Trustee nominee to the NPR Board at the May 13, 2014 Annual General and Special Meeting of Unitholders.
Mr. Grayston is the former Executive Vice President and Chief Financial Officer of Canadian Hotel Income Properties REIT ("CHIP REIT") and served as Executive Vice President Real Estate of bcIMC Hospitality Group Inc. following its acquisition of CHIP REIT in 2007. Prior to that, he served as Senior Vice President, Corporate Services for Canadian Airlines International. In 2013, Mr. Grayston became a trustee of American Hotel Income Properties REIT. He is a Chartered Accountant and possesses a Bachelor of Commerce from the University of British Columbia.
NPR is primarily a multi-family residential real estate investor, providing a broad spectrum of rental accommodations in Canadian secondary markets with strong economic fundamentals where capitalization rates are generally higher and competition somewhat restrained. NPR's residential portfolio is comprised of: multi-family segment apartments, town homes and single family rental units; and execusuites and hotels, where the rental periods range from a few days to several months. NPR also has a portfolio of commercial buildings focused on government tenancies predominantly located in Canada's far north. Geographically, NPR operates in British Columbia, the Northwest Territories, Alberta, Saskatchewan, Nunavut, Quebec and Newfoundland and Labrador. As at September 30, 2013, NPR has 10,142 residential units and 1,064,944 square feet of commercial space.
SOURCE: Northern Property Real Estate Investment Trust
For further information:
Barbara Lavery, Corporate Secretary, 403-531-0725.