Northern Property Announces Executive Changes

CALGARY, ALBERTA--(Marketwire - Jan. 13, 2011) - Northern Property REIT (TSX:NPR.UN) has announced a series of executive changes in its Calgary headquarters.

Mr. Todd R. Cook has been promoted to the post of Executive Vice President. Formerly NPR's Chief Financial Officer, Mr. Cook in his new capacity will move from the financial area and assume overall responsibility for NPR's property operations. 

The REIT has designated Mr. David Leiman as Chief Financial Officer. Mr. Leiman commenced work with NPR in 2006 as Comptroller and more recently he has been directing NPR's implementation of IFRS. Mr. Leiman is a Chartered Accountant with a background in the hospitality, retail and IT industries. Prior to joining NPR he was Divisional Controller – Hotels for Royal Host REIT.

Concurrently Richard Anda will shift to the position of Vice President of Business Development. Mr. Anda has an extensive background in the apartment and property business as NPR's Vice President of Operations. Prior to joining the REIT in 2003 Mr. Anda had a lengthy career with CMHC. 

The current Vice President of Business Development, Alan Vaughan, has requested greater flexibility in his work and travel schedules going forward. He will continue to be actively involved in NPR property acquisitions together with Mr. Anda. 

"These executive changes are part of Northern Property's long term succession plan, "said Jim Britton, Northern Property's President and CEO. Mssrs. Cook, Leiman, Vaughan and Anda are all long term members of NPR's management team. Each has made vitally important contributions to our commercial success. We are delighted to build on this success with the same key individuals carrying out new executive assignments".