Melcor REIT announces appointment of Barry James and Brandon Kot as Melcor REIT Trustees and provides strategic review update

EDMONTON, Alberta, April 16, 2024 (GLOBE NEWSWIRE) --

Melcor Real Estate Investment Trust ("Melcor REIT" or the "REIT") (TSX: MR.UN) today announces the appointment of Barry James, FCA, FCPA, ICD.D and Brandon Kot as new Trustees of Melcor REIT effective immediately.

Mr. James brings extensive board and financial experience to the REIT. Mr. James qualified as a Chartered Accountant in 1983 and became a Fellow of the Chartered Accountants in 2007. He was admitted to the PricewaterhouseCoopers partnership in 1989 and served as Managing Partner of the Edmonton office from 2001 to 2011. Since then, Mr. James has served on multiple boards, including current roles as Vice-Chair and Audit Committee Chair of ATB Financial, as well as Audit Committee Chair for Corus Entertainment, AutoCanada Inc., and the University of Alberta Property Trust. He also serves on several private fiduciary and advisory boards. Mr. James will serve as Chair of the Audit Committee.

Mr. Kot has extensive experience in the real estate market and has established himself as a leader in Canada’s commercial mortgage industry. Mr. Kot obtained his Bachelor of Commerce from the University of Alberta in 2005 and is currently Managing Partner of Canada ICI Capital Corporation, a national real estate finance group, having worked there for almost 20 years. He is also serves as a member of the Board of Trustees for the Stollery Children’s Hospital Foundation and is an active member of the Real Estate Council of Alberta and Mortgage Professionals Canada.

Ralph Young, Chairman of the REIT commented: “We are grateful to have Mr. James and Mr. Kot accept roles on the Board of Trustees, and we look forward to their experience and contributions benefitting the REIT’s Board of Trustees.”

Strategic Review Update

On February 22, 2024 the REIT announced the commencement of a strategic review process. This review process is being overseen by an Independent Committee (“the “Independent Committee”) comprised of members of the REIT’s Independent Trustees, specifically including Richard Kirby, Bernie Kollman, and Barry James. Mr. Kirby is serving as Chair of the Committee.

The Independent Committee has now appointed BMO Capital Markets as financial advisor, and as previously disclosed, DLA Piper (Canada) LLP has been retained as legal counsel.

There can be no assurance that the strategic review process will result in the REIT pursuing or consummating any transaction or alternative, nor any assurance as to its outcome or timing. The Independent Committee has not set a completion date for the culmination of the strategic review process and the REIT does not intend to comment further on the review until it determines that additional disclosure is appropriate or required.