Charter Real Estate Investment Trust

Charter Real Estate Investment Trust

February 27, 2009 16:11 ET

Charter Real Estate Investment Trust Announces Trustee Resignation

TORONTO, ONTARIO--(Marketwire - Feb. 27, 2009) - Charter Real Estate Investment Trust ("Charter REIT") announces the resignation of Timothy Unwin from his position as a trustee on Charter REIT's Board of Trustees.

The resignation is effective today. Mr. Unwin has resigned in order to focus on his numerous business pursuits and additional board appointments, including his appointment to the C.A. Bancorp Board of Directors (Charter REIT's major unitholder). Mr. Unwin has served on Charter REIT's Board of Trustees since March 2007.

Charter REIT's Board of Trustees has commenced the process of seeking a replacement trustee. In the meantime, the remaining four trustees will continue to carry out the duties of Charter REIT's Board of Trustees.

"The board and management would like to thank Mr. Unwin for his many contributions to Charter REIT's development," said John Driscoll, Charter REIT's Chairman of the Board. "We wish him well in his future endeavours."

Charter REIT

Charter Real Estate Investment Trust is an open-end real estate investment trust established under the laws of the Province of Ontario. Charter REIT is focused on acquiring a portfolio of retail and mixed-use retail community and neighbourhood centres, generally in the mid-market deal size range of $10 to $40 million, comprised of stable cash flow and value-add properties from both primary and secondary markets throughout Canada. Charter REIT's principal goal is to generate a reliable and growing yield for its investors. Charter REIT currently owns 10 retail properties located in Ontario and Quebec.

Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect," "intend," "will" and similar expressions to the extent they relate to Charter REIT. The forward-looking statements are not historical facts but reflect Charter REIT's current expectations regarding future results or events. 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 ability and timing of Charter REIT to find a replacement trustee. Although Charter 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. Charter REIT undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Charter Real Estate Investment Trust
The Exchange Tower
130 King Street West
Suite 2810, P.O. Box 104
Toronto, Ontario M5X 1A4

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Charter Real Estate Investment Trust
    Ari Silverberg
    President and Chief Operating Officer
    (416) 364-5705
    (416) 861-8166 (FAX)
    Charter Real Estate Investment Trust
    Floriana Cipollone
    Chief Financial Officer
    (416) 364-5705
    (416) 861-8166 (FAX)