Calloway Real Estate Investment Trust

Calloway Real Estate Investment Trust

March 31, 2011 17:39 ET

Calloway Announces Appointment of New CEO and Two New Trustees

TORONTO, ONTARIO--(Marketwire - March 31, 2011) - Calloway REIT (TSX:CWT.UN) is pleased to announce the appointment of Mr. Al Mawani, as President and CEO, effective May 2, 2011. Mr. Mawani has served on several real estate related board of directors and trustees over many years, including as chair of Calloway's Audit Committee since 2005. Prior to that he was Chief Financial Officer for over 10 years at Oxford Properties Group Inc., a large Canadian real estate company. Mr. Mawani is a Chartered Accountant, and has MBA and Masters of Laws designations. In the President and CEO role, Mr. Mawani will succeed Mr. Simon Nyilassy and will remain on the Calloway Board. Mr. Nyilassy will provide transitional support to Mr. Mawani until June 30, 2011 and Mr. Nyilassy will also remain on the Calloway Board.

Calloway is also pleased to announce the appointment of Mr. Huw Thomas and Ms. Jill Denham as independent members of its Board of Trustees, effective April 1, 2011 to fill vacancies resulting from the resignations of Mr. David Calnan and Mr. Michael Storey. Mr. Thomas served in senior financial roles, including as Chief Financial Officer, at Canadian Tire Corporation, until 2010. Canadian Tire is one of Canada's leading retailers. He will also serve as chair of Calloway's Audit Committee. Ms. Denham is a corporate director and has over 25 years experience in the investment banking and financial services industry, most recently as Vice Chair Retail Markets at CIBC.

Mr. Mitchell Goldhar, owner of SmartCentres and of a 21.5% stake in Calloway and a Trustee of Calloway, said "On behalf of Calloway's Board, we would like to welcome the new trustees and to thank Mr. Calnan and Mr. Storey for over 9 years of dedicated service." He added, "Mr. Nyilassy, with the Board of Trustees has guided Calloway through over 5 years of its growth. We are happy that we will benefit from Mr. Nyilassy's experience as a member of Calloway's Board." He also said, "Mr. Mawani has a proven track record in Canadian real estate and on Calloway's Board. Mr. Mawani's strength in real estate, finance and law are a good fit for his new role at Calloway. This together with his positive character and meticulous nature are of particular value to Calloway's business. Calloway has grown from a $100 million REIT to an entity with over $5 billion of real estate assets in just over 7 years. We look forward to working with Al to further grow Calloway cash flow through the next phase of its development."

Mr. Nyilassy said, "It has been a privilege to be a part of Calloway and to serve its unitholders. I am honoured to continue my association on the Board and to know that the Trust will be in capable hands as it continues to grow."

Mr. Mawani said, "I am excited to be assuming the role of President and CEO at this time. Calloway benefits from significant relationships with Wal-Mart Canada, our largest tenant and with SmartCentres, Canada's largest developer of quality retail developments. I look forward to working with Calloway's management team to capitalize on our unique positioning in the marketplace."

Contact Information

  • Calloway Real Estate Investment Trust
    Simon Nyilassy
    President and Chief Executive Officer
    (905) 326-6400 x7649