TORONTO, Nov. 5, 2013 /CNW/ - NorthWest International Healthcare Properties REIT (the "REIT") announced today the expansion and strengthening of its management team. Effective today, Bernard Crotty has been appointed President of the REIT. Mr. Crotty has served as an independent trustee of the REIT since May 31, 2012. Mr. Crotty is an experienced executive, private investor and lawyer. Mr. Crotty is currently a principal of Silver and White Management Inc., a private investment firm. Mr. Crotty has a distinguished professional career including serving as Chairman and/or Chief Executive Officer of Certicom Corp. and Comnetix Inc., both high-tech software companies, and has also held senior legal positions with law firms in Los Angeles, Toronto and London, England. The REIT shall be appointing and announcing at minimum one new independent trustee to the board of trustees within the next sixty days.
Also, effective today, the REIT announced the appointment of Teresa Neto as Chief Financial Officer of the REIT. Ms. Neto most recently held the role of Chief Financial Officer of KEYreit from 2011 to 2013, a former TSX-listed REIT that was recently acquired in a take-over bid. Previous to KEYreit, Ms. Neto was the Chief Financial Officer of Retrocom REIT, also at TSX-listed REIT. Prior to Retrocom, Teresa spent nearly five years with the Real Property Association of Canada ("REALpac") as VP, Financial Reporting. Before REALpac, Teresa held increasingly senior finance roles in the telecommunications, consumer packaged goods and communications industries. Concurrent with this appointment, Mr. Brian Wilson has resigned as Interim Chief Financial Officer of the REIT and will continue with the REIT as its Senior Vice President, Finance.
"I am very pleased to be expanding the breadth and depth of the REIT's senior leadership team", said Paul Dalla Lana, Chief Executive Officer of the REIT. "Bernard has been extensively involved as a Trustee in the transformation of the REIT into an internationally diversified healthcare real estate investment trust. Teresa brings forward a strong real estate background and significant experience in accounting, finance and governance. Both Bernard and Teresa will be instrumental in executing the REIT's continued growth strategy across the globe. I also want to thank Brian for his dedication and contributions during the past year in leading the finance and administration function during our transition from its prior domestic focus to its current international focus."
The appointments of Mr. Crotty and Ms. Neto are subject to TSX-V approval.
About NorthWest International Healthcare Properties Real Estate Investment Trust
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT's objectives are to: (i) provide its unitholders with stable and growing cash distributions from investments focused on international healthcare properties, on a tax efficient basis; (ii) enhance the value of the REIT's assets and maximize long-term unit value; and (iii) expand the asset base of the REIT.
This news release contains "forward-looking statements" within the meaning of applicable securities laws. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the regulatory approval of the senior management changes. The statements in this news release are made as of the date of this release. Although the REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. A discussion of the risk factors applicable to the REIT is contained under the heading "Risk Factors" in the REIT's annual information form dated March 11, 2013 and audited consolidated financial statements and management's discussion and analysis for the year ended December 31, 2012, a copy of which may be obtained on the SEDAR website at www.sedar.com.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) has approved or disapproved the contents of this press release.
SOURCE: NorthWest International Healthcare Properties REIT
For further information:
Paul Dalla Lana, CEO, (416) 366-8300 x1001