Leadership Team Changes at Scott's REIT
Scott's Real Estate Investment Trust announced that Evelyn Sutherland will be leaving Scott's REIT for another opportunity with a TSX listed issuer not in the real estate sector. Ms. Sutherland's resignation will be effective August 5, 2011. She has agreed to provide transition assistance after this date.
"She has been a key driver in the success of Scott's REIT and delivered an outstanding track record," said John I. Bitove, Chairman and CEO of Scott's REIT. "We would like to thank her for her dedication and leadership, and wish her well as she pursues this new opportunity. On a personal note I have enjoyed working with her for the past eight years."
Ms. Sutherland has been the CFO of Scott's REIT since 2006. The company is currently searching for her permanent replacement.
"I have really appreciated the opportunities that the Board and John gave me to learn and grow," said Ms. Sutherland. "As much as I will miss the team I helped build, I am excited to move on to a larger opportunity."
Update on Shoppers Drug Mart acquisition refinancing
Scott's REIT also announced that it has received a one-month extension on its $20-million facility used to acquire the original 12 properties with Shoppers Drug Mart, which was scheduled to mature on June 30, 2011. This short extension was granted on the same terms as the previously announced extension.
Scott's has entered into a conditional commitment agreement for a five-year $20-million mortgage bond at 2.35 per cent over Government of Canada Bonds. The REIT anticipates that the refinancing will be secured in July.