EDMONTON, AB--(Marketwired - March 17, 2017) - Melcor REIT's (TSX: MR.UN) Board of Trustees today announced that pursuant to the terms of the Asset Management Agreement with Melcor Developments Ltd. (Melcor), Andrew Melton will be appointed President & Chief Executive Officer of Melcor REIT effective April 15, 2017. Mr. Melton will step down as Chairman of the Board but will remain a Trustee. This coincides with Melcor's announcement yesterday to appoint Darin Rayburn as its President & Chief Executive Officer upon the resignation of Brian Baker.
Mr. Melton is a respected business and community leader with over three decades of experience in commercial real estate and he was instrumental in the formation of the REIT.
Don Lowry, Lead Trustee of the REIT commented: "The Board is pleased with this appointment. Andrew is a proven leader with intimate knowledge of the REIT's business and strategy. We are confident that this will be a seamless transition.
We appreciate Darin's years of service to the REIT and his significant accomplishments in the formation and growth of the REIT. We wish him continued success in his expanded role with Melcor."
"I'm excited to continue to execute on the REIT's growth strategy and to work more closely with the exceptional team that supports the REIT," said Andrew Melton.
As part of these executive changes, Ralph Young will assume the position of Chairman of the Board effective April 15, 2017. Darin Rayburn will be nominated as a Trustee at the April 26, 2017 Annual General Meeting.
About Melcor REIT
Melcor REIT is an unincorporated, open-ended real estate investment trust. Melcor REIT owns, acquires, manages and leases quality retail, office and industrial income-generating properties with exposure to high growth Canadian markets. Its portfolio is currently made up of interests in 38 properties representing approximately 2.78 million square feet of gross leasable area located across Alberta and in Regina, Saskatchewan and Kelowna, British Columbia. For more information, please visit www.melcorREIT.ca.