SmartCentres REIT
#3407
Rank
$3.26B
Marketcap
Canada
Country
Mr. Mitchell Goldhar (Exec. Chairman & CEO)
Mr. Rudy Gobin (Exec. VP of Portfolio Management & Investments)
Mr. Mauro Pambianchi (Chief Devel. Officer)
Summary
History
SmartCentres was founded in 1994 by Mitchell Goldar, as FirstPro Shopping Centres. It was renamed SmartCentres Inc. in 2006. In 2015, it was taken over by Calloway REIT, which then renamed itself SmartREIT. It changed its name to SmartCentres REIT in 2017.
As of 2011, SmartCentres had opened a new mall once every 3 weeks for its history. As of 2015, it had developed 50 million square feet of space.
Relationship with Calloway REIT
In 2003, SmartCentres began to sell some of its malls to Calloway REIT, then a small REIT based in Calgary, to raise additional funds for construction. Its first transaction was the sale of nine malls for $100 million in November 2003. In 2004, 12 malls were sold for $300 million. In 2005, it sold 35 malls for $1.1 billion. This transaction doubled the size of Calloway, and led to Goldar greatly increasing his control and equity stake in Calloway. In 2006, SmartCentres sold 16 properties, worth $1 billion, to Calloway. In 2008, it sold 6 malls for $375 million.In 2015, SmartCentres was formally taken over by Calloway REIT for $1.1 billion. As a result of the deal, Calloway acquired 24 properties.
Controversies
SmartCentres has been involved in a number of controversial developments, often because of its close association with Walmart. In the late 2000s, there was considerable opposition to a SmartCentres plan to build a power centre in eastern Toronto. The plan was eventually turned down by the Ontario Municipal Board. In 2009, its shopping mall in Salmon Arm, British Columbia was delayed because of environmental concerns. The mall was eventually built in 2013.
Mission
Vision
Key Team
Mr. Peter L. Slan CA (Chief Financial Officer)
Ms. Shea Nerland Calnan (Legal Counsel)
Mr. Fernando Vescio (Sr. VP of HR & Corp. Services)
Ms. Erin Shirley (Director of Asset Management)
Ms. Paula Bustard (Exec. VP of Devel.)
Mr. Allan Scully (Exec. VP of Devel.)
Ms. Julia Mok (Director of Operations Accounting)
Recognition and Awards
References
https://en.wikipedia.org/wiki/SmartCentres
https://www.investing.com/equities/calloway-reit
https://finance.yahoo.com/quote/SRU-UN.TO/profile?p=SRU-UN.TO
https://www.sec.gov/Archives/edgar/data/830744/000119312521207487/d328602dncsr.htm
https://www.crunchbase.com/organization/smartcentres-real-estate-investment-trust
Mr. Mitchell Goldhar (Exec. Chairman & CEO)
Mr. Rudy Gobin (Exec. VP of Portfolio Management & Investments)
Mr. Mauro Pambianchi (Chief Devel. Officer)