SmartREIT announces new president

Major Canadian REIT has promoted erstwhile COO Peter Forde to the position of president

Smart Real Estate Investment Trust (SmartREIT) has announced the immediate promotion of Peter Forde from COO to president. In his new role, Forde will be reporting to SmartREIT CEO Huw Thomas. Forde’s most recent professional history consists of a nearly 10-year stint as COO of SmartCentres Management Inc., a private shopping center development company.

“Peter Forde, with 18 years' experience in senior roles at SmartCentres and SmartREIT, including over 10 years as COO, is an excellent fit for a growing array of management tasks, responsibilities and development opportunities,” said Thomas. “We have ambitious plans and we intend to deliver on them and in his new role, Peter will be instrumental in leading the team in the achievement of these goals."

Thomas further elaborates on the company’s goals: "We are a growing REIT. Particularly with the acquisition last year of SmartCentres, SmartREIT has many exciting, accretive developments underway, many of which are mixed use development projects, the largest of which is the Vaughan Metropolitan Centre, our 53-acre, high-density development around the new subway station in Vaughan, being developed in conjunction with Mitchell Goldhar, SmartREIT's Chairman and principal investor," said Thomas.

Overall, the REIT has no fewer than 70 developments at various stages of planning, approvals, and construction, adding up to around 16 million square feet. The company also has an existing income-producing property portfolio of 31 million square feet. Aside from these mixed-use developments, SmartREIT is undertaking initiatives in the residential sector and expansions in its outlet center presence.

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