Press Release

Crombie REIT Appoints Paul Beesley to Board of Trustees

Company Release - 3/4/2019 1:50 PM ET

NEW GLASGOW, NS, March 4, 2019 /CNW/ - Crombie Real Estate Investment Trust ("Crombie") (TSX: CRR.UN) is pleased to announce the appointment of Paul Beesley to its Board of Trustees, effective immediately.

Mr. Beesley most recently served as Chief Financial Officer of Hudson's Bay Company ("HBC") (TSX: HBC) in New York from 2014 until 2017. During Mr. Beesley's tenure at HBC, he participated in both the creation of real estate joint ventures with Simon Property Group and RioCan REIT and the European acquisition of Galeria Kaufhof, which was largely funded through the sale of approximately 40 retail properties for € 2.4 billion.  He also led placement of a US $1.25 billion, 20-year mortgage on the ground portion of the Saks Fifth Avenue flagship in New York City. 

Prior to joining HBC, he held the position of Executive Vice President and Chief Financial Officer at Empire Company Limited ("Empire") (TSX: EMP.A). During his time at Empire, Mr. Beesley negotiated the acquisition of Canada Safeway in 2013, led the creation of Crombie in 2006, and served as an Empire-appointed Trustee of Crombie from 2009 to 2014.

Paul sits on the Board of Orlando Corporation and holds various designations including ICD.D, CPA, MBA from Saint Mary's University and a B.Sc. from Dalhousie University in addition to having completed the Advanced Management Program at Harvard Business School.

"We are extremely pleased to welcome Paul to our Board" commented Crombie Chair Frank Sobey. "Paul brings a wealth of experience in finance, capital markets and real estate that will be invaluable in supporting Crombie's current and future growth."

Mr. Beesley fills the vacancy from the recent retirement of Ms. Debra Hess, who departed in November 2018.

About Crombie
Crombie Real Estate Investment Trust ("Crombie") is an unincorporated, open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie is one of the country's leading national retail property landlords with a strategy to own, operate and develop a portfolio of high quality grocery and drug store anchored shopping centres, freestanding stores and mixed use developments primarily in Canada's top urban and suburban markets. More information about Crombie can be found at www.crombiereit.com.

 

SOURCE Crombie REIT

Glenn Hynes, FCPA, FCA, Executive Vice President, Chief Operating Officer, Chief Financial Officer and Secretary, 902-755-8100