Alexis Nihon Real Estate Investment Trust

Alexis Nihon Real Estate Investment Trust

December 06, 2006 16:14 ET

Alexis Nihon Announces Appointment of Robert A. Nihon as Executive Chairman

Paul J. Massicotte resigns as CEO and Trustee of the REIT

MONTREAL, QUEBEC--(CCNMatthews - Dec. 6, 2006) - The Board of Trustees of Alexis Nihon REIT (TSX:AN.UN) today announced it has appointed Mr. Robert A. Nihon as Executive Chairman, effective immediately. This announcement comes as a result of Mr. Paul J. Massicotte's notification early this morning to the Board of Trustees of his decision to resign from his position as chief executive officer and as a trustee of the REIT, effective immediately.

"My immediate priority as Executive Chairman is to oversee the successful completion of our combination transaction with Cominar REIT," said Mr. Nihon. "This is a very compelling transaction and we believe COMINAR NIHON REIT will provide considerable benefits to unitholders by creating a REIT that is unparalleled in terms of size, scope and portfolio diversification."

Mr. Guy Charron will continue, as in the recent past, to oversee day-to-day operations in his capacity as Executive Vice President and Chief Operating Officer.

As had previously been announced on October 10, 2006, Senator Massicotte was due to step down in early 2007, in order to attend to his duties as a member of the Senate of Canada and his other activities.

The Board of Trustees and Robert A. Nihon, as Executive Chairman of the REIT, said: "We would like to thank Senator Massicotte for his service and dedication to the REIT and wish him well in his future endeavours."

The combination of COMINAR and ALEXIS NIHON was announced on Dec. 4, 2006. The proposed transaction will see the creation of an entity that will have a market capitalization exceeding $1.2 billion, making it the 8th largest real estate investment trust in Canada in terms of market capitalization. COMINAR NIHON will also have total assets of approximately $1.8 billion and it will create one of the largest owners and managers of commercial real estate in the Province of Quebec, with 204 properties and approximately 19.3 million square feet of leasable space.

About Alexis Nihon REIT

The REIT currently owns interests in 65 office, retail, and industrial properties, including a 426-unit multi-family residential property, all located in the greater Montreal area and the National Capital region. The REIT's portfolio has an aggregate of 9.1 million square feet of leasable area, of which 0.4 million square feet is co-owned.

Contact Information