Killam Properties Inc. Announces Chairman's Retirement and Completed sale of New Brunswick MHC Portfolio

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[{"type":"text","content":"\n\n\nRetirement of George J. Reti\n\n\nHALIFAX, Nov. 29, 2013 /CNW/ - Killam Properties Inc. (TSX: KMP)\n (\"Killam\" or the \"Company\") announces that George J. Reti has retired\n as chairman of the board and as a director of the Company effective\n November 29, 2013. The board of directors has approved the appointment\n of board member Robert G. Kay as the new non-executive chairman of the\n board.\n\n\nMr. Reti joined Killam's board of directors in 2002, Killam's first year\n as a publicly traded company. He served as chairman since the Company's\n listing on the Toronto Stock Exchange in 2003. During his eleven year\n tenure Mr. Reti helped facilitate Killam's growth from a start-up with\n $12 million in assets into a leading multi-family, residential real\n estate company having a portfolio that totals $1.6 billion today.\n\n\nThe board of directors would like to thank Mr. Reti for all his\n contributions to Killam and wish him well on his future endeavours.\n\n\nSale of New Brunswick MHC Portfolio Completed\n\n\nKillam today closed the previously announced sale of its MHC portfolio\n in New Brunswick totaling 2,308 sites. The sale price of the portfolio\n was $69.0 million, resulting in net proceeds to Killam after mortgages\n outstanding of $42.6 million. The decision to sell the portfolio was\n based on the opportunity to crystalize the value of the portfolio at\n current attractive cap rates and use the funds to continue to\n accretively grow the apartment portfolio.\n\n\nKillam Properties Inc., based in Halifax, Nova Scotia, is one of\n Canada's largest residential landlords, owning, operating and\n developing multi-family apartments and manufactured home communities.\n\n\nSOURCE Killam Properties Inc.\n\n\n\n Killam Properties Inc. Philip Fraser  President & CEO  [email protected] 902-453-4536 Copyright CNW Group 2013","length":2926,"tagName":"div"}]

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