QUEBEC CITY, Oct. 3, 2017 /CNW Telbec/ - The Board of Trustees
of Cominar Real Estate Investment Trust ("Cominar" or the
"REIT") (TSX: CUF.UN) is pleased to announce the appointment of
Sylvain Cossette as President and
Chief Executive Officer beginning January 1,
2018. This appointment is part of the succession plan set up
when Mr. Cossette, currently President and Chief Operating Officer,
joined Cominar in 2013. Michel
Dallaire, Cominar's long-time Chief Executive Officer, will
devote himself to his duties as Chairman of the Board of
Trustees.
"Sylvain has held various management positions since he joined
Cominar, taking on increasing responsibility and showing
exceptional leadership. I am convinced that Sylvain is the right
person to maintain our focus on creating sustainable value and
revenues for unitholders" said Alban D'Amours, the Board's lead
independent trustee.
"I am very pleased with the trust the Board has shown in naming
me as Chief Executive Officer of Cominar. I am convinced that the
execution of our deleveraging plan, the improvement of our
occupancy rate and the focus of our activities on the Quebec market are key to our organic growth
and financial health" Sylvain
Cossette said. "I am delighted to continue in this direction
with Michel Dallaire in his new
role. The REIT will continue to benefit from Michel's unique and
extraordinary vision in developing projects that maximize value",
Mr. Cossette added.
"On behalf of the Board, I would like to thank Michel for his
significant contribution to Cominar's growth", Alban D'Amours said.
"Michel is a true builder and visionary who propelled Cominar to
become one of Quebec's most
respected real estate businesses" Mr. D'Amours added.
"I am very proud of what we have achieved over the past 20
years. We have become the largest owner of commercial buildings in
Quebec and the leader in each of
our three operating sectors", Michel
Dallaire said. "The Dallaire family remains one of the
largest holders of Cominar units and is committed to the success of
the business. In collaboration with the Board, I will continue to
work closely with Sylvain in my new role to implement Cominar's
strategic plan", Mr. Dallaire added.
Beginning January 1, 2018, Sylvain
will also replace Alain Dallaire on
the Board of Trustees. Mr. Dallaire will continue to perform his
duties as Executive Vice-President, Operations (Office and
Industrial) and Asset Management.
PROFILE AS AT OCTOBER 3,
2017
Cominar is the third largest diversified real estate investment
trust in Canada and currently
remains the largest commercial property owner in the Province of
Quebec. The REIT owns a real
estate portfolio of 523 properties in three different market
segments—office properties, retail properties and industrial and
mixed-use properties. Cominar's portfolio totals 44.1 million
square feet spread out across Quebec, 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 and the
expansion of its portfolio.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements with
respect to Cominar and its operations, strategy, financial
performance and financial condition. 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. We do not assume any obligation to update the
aforementioned forward-looking statements, except as required by
applicable laws.
SOURCE COMINAR REAL ESTATE INVESTMENT TRUST