Canadian Net Real Estate Investment Trust has accepted the resignation of its president, CEO and trustee, Jason Parravano, who will step down April 25.
Kevin Henley, chief investment officer who has been with the REIT for six years, will assume the role of president and CEO.
“On behalf of the board of trustees, I would like to thank Jason for building a portfolio of 101 properties, across four provinces, leased to some of the most notable banners in the country," Michel Trudeau, chairman of the REIT’s board of trustees in a statement.
"Under his leadership, the REIT delivered solid growth, all while sticking to the strategy that we have developed. We wish him nothing but the best of luck in his future endeavours.
“Although we regret Jason’s decision to leave the company, the REIT is in a great position to continue to execute its strategy as we have a solid operational and leadership team.
"Mr. Henley has all the capabilities to take over as our CEO and we wish him the best of luck going forward in continuing to execute our growth strategy.”
Canadian Net REIT (NET-UN-X) is an open-ended, Montreal-based trust that acquires and owns triple-net and management-free commercial real estate properties.
The REIT’s change in management
Previously, Parravano had been the REIT’s chief financial officer. He has spent eight years with the trust.
“I am excited to assume the position of president and CEO of the trust. Through my previous six years with the REIT, I have worked in tandem with Jason to execute our strategy and propel the REIT to a portfolio of over 100 properties,” Henley said.
“Moving forward, we remain dedicated to expanding our portfolio of high-quality triple net and management-free properties across Canada, all while prioritizing the creation of sustainable, long-term value for our stakeholders.”
In June 2021, the trust had changed its name from Fronsac Real Estate Investment Trust.
The company has $303 million in assets across 101 properties in Eastern Canada and 1.46 million square feet of gross leasable area, according to its website.