Charter Real Estate Investment Trust

Charter Real Estate Investment Trust

September 13, 2010 08:30 ET

Charter REIT Appoints Louis J. Maroun as Chair of Board of Trustees

VICTORIA, BRITISH COLUMBIA--(Marketwire - Sept. 13, 2010) - Charter Real Estate Investment Trust (TSX VENTURE:CRH.UN) announced today that Mr. Louis J. Maroun has been appointed Chair of REIT's Board of Trustees.

Mr. Maroun began his real estate career in 1982 following seven years with the Nova Scotia Department of the Attorney General. In 1996 Summit Real Estate Investment Trust was launched, and under his tenure initially as President and then as Chief Executive Officer from 2002 onward, Summit grew to become one of Canada's largest REIT's and the country's largest publicly-traded owner and manager of industrial real estate with approximately $3.5 billion in assets. Following Summit's successful privatization by ING Real Estate in 2006, he became Executive Chairman of ING Real Estate Canada until 2009. Mr. Maroun is currently Executive Chairman of Sigma Real Estate Advisors Limited, an investment advisory firm specializing in the Canadian, United States and Bermuda real estate markets. He is also a Board member and Lead Director of Acadian Timber Income Fund, and an advisor to and board member of two emerging Canadian technology companies. Mr. Maroun was recognized several years ago by his industry peers and appointed a Fellow of the Royal Institute of Chartered Surveyors.

In addition, Mr. Maroun is past National Chair of the MS Society of Canada, a board member and Treasurer of the MS Scientific Research Foundation, and a member of the Board of the MS International Federation headquartered in London, England. He is also a member of the Business Advisory Committee for the Shannon School of Business at Cape Breton University, and was recently elected to the board of AIMS, a strategic business think tank located in Atlantic Canada.

"We are very pleased to appoint Lou Maroun as Chair of Charter's Board of Trustees," commented Adam Gant, Chief Executive Officer of Charter REIT. "Lou brings deep expertise to the Board and a proven track record of building value in the North American real estate business. His experience will prove invaluable to both the Board and management as we enter the next phase of growing and expanding Charter REIT for the benefit of its Unitholders." 

Charter REIT is a growth oriented real estate investment trust focused on acquiring and managing a portfolio of retail and mixed-use community and neighbourhood shopping centres located in both primary and secondary markets across Canada. Charter currently owns 10 retail properties well located in Ontario and Quebec aggregating approximately 1.1 million square feet of leaseable space.

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.

Contact Information

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