Charter Real Estate Investment Trust

Charter Real Estate Investment Trust

September 10, 2010 08:30 ET

Charter REIT Announces Senior Management Appointments and Relocation of Offices

VICTORIA, BRITISH COLUMBIA--(Marketwire - Sept. 10, 2010) - Charter Real Estate Investment Trust (TSX VENTURE:CRH.UN) announced the appointment of Adam Gant to the position Chief Executive Officer and the appointment of Patrick Miniutti to the position of President and Chief Operating Officer of Charter REIT.

The company also announced today the relocation of its head office from Toronto, ON to Victoria, BC. 

Adam Gant, who assumes the role of Chief Executive Officer of Charter REIT, will be primarily focused on Charter's growth strategy and its implementation. Mr. Gant is Founding Partner of League Assets Corp., which was started in 2005 and was instrumental in the founding of the IGW REIT and the IGW REIT LP in 2007. Since January 30th, 2004, he has engaged in the organizing of more than 30 other limited partnerships and oversees the management of properties across Canada having an aggregate market value of approximately C$600,000,000, consisting of light industrial properties, multi-unit residential properties, commercial premises and shopping centre properties.

Patrick Miniutti, who assumes the roles of President and Chief Operating Officer of Charter REIT, will be responsible for the day-to-day operations of Charter, as well as overseeing the asset management and financial functions. Mr. Miniutti is also Chief Financial Officer of Victoria-based League Assets Corp, which maintains through an affiliate a controlling interest in Charter. Most recently before joining League, Mr. Miniutti served as Managing Director of Sunset Realty Services, a financial and management advisory services firm, which primarily assisted in the acquisition and asset management of community and outlet centres. Prior to this, he served concurrently as Executive Vice President, Chief Financial Officer and Chief Operating Officer and also on the Board of Directors for Konover Property Trust, a public company which owned, developed and managed grocery-anchored centres and outlet centres.

In a related move, Charter also announced that Charter's new head office will be located at #217-2187 Oak Bay Ave, Victoria, BC, V1R1G1.

Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect," "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 closing of the rights offering and the standby commitment contemplated by the short form prospectus. 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.

About Charter REIT

Charter Real Estate Investment Trust is an open-end real estate investment trust established under the laws of the Province of Ontario with executive offices in Victoria, BC. Charter REIT is focused on acquiring and managing 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, from both primary and secondary markets throughout Canada. Charter REIT currently owns 10 retail properties located in Ontario and Quebec.

Contact Information

  • Charter Real Estate Investment Trust
    Patrick Miniutti
    President and Chief Operating Officer
    (250) 595-9398