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Executive Vice President, Industrial

Cominar

Montreal, Québec

About Organization

Cominar Real Estate Investment Trust is one of the largest property owners and managers in the Province of Quebec. As at June 30, 2020, Cominar owned a diversified portfolio of 315 properties, composed of office, retail and industrial and flex buildings, of which 196 were located in the Montreal area, 100 in the Quebec City area and 19 in the Ottawa area.

Transformation

Cominar’s primary objective is to maximize total return to unitholders through a combination of sustainable, tax-effective cash distributions and maximizing the Unit value through the proactive management of its portfolio of properties.  

Established in 1998, Cominar REIT has a solid foundation with a strong commitment to the communities it serves. 2018 marked the beginning of an important transformation, with Sylvain Cossette taking over the reins as President and CEO of Cominar, effective January 1, 2018. The transformation efforts crystallized in 2019 and started generating the desired outcomes in the financial and organizational performance. The improvement in results arose from a structured, deliberate path forward and a collective effort involving all teams and employees. It all began with the transformation of the management team coupled with an ongoing commitment to diversity. Cominar is proud to lead the way in terms of female representation among senior executives of publicly traded companies in Quebec and nationwide.

While developing the strategic plan and accelerating the organizational transformation, Cominar took a long hard look at its corporate values. The result is a well-thought balance between those that are part of the rich legacy that Cominar has built over time, and new, inspiring values that clearly express what the REIT is aiming to become.

Strategy

In 2019, Cominar completed a detailed strategic review of its operations and began the implementation of a clearly defined plan, presented to investors in October 2019, to solidify its financial position, create value for unitholders and position the REIT for growth.

Cominar was progressing well prior to the COVID-19 pandemic. Although the financial objectives outlined in the plan are difficult to forecast in the current environment, the core pillars of the transformation plan remain intact.

The current strategic plan includes:

The asset strategy also includes the exploration of joint venture opportunities. As the COVID-19 pandemic restrictions are eased, the strategic plan is being reviewed, including a greater emphasis on the industrial and flex asset class and a down weighting in the retail asset class.

Industrial and Flex Segment Amidst COVID-19

The industrial and flex properties are ideally located and designed to accommodate the particular needs of this segment.

Facilities can easily be adapted to suit a variety of purposes, including production, processing, distribution, warehousing, administration and/or manufacturing.

With the proper strategy, there is important value to be achieved in this segment, both in terms of average net rent and asset value.

It goes without saying that the COVID-19 pandemic had a significant adverse impact on the REIT’s financial results of the last quarter but swift adaptation, close collaboration with key stakeholders and proactive and disciplined approach to financial management, Cominar remains confident in its ability to navigate through this crisis and the uncertainty that lingers on. To some degree, COVID-19 will serve as a catalyst for the continued transformation of the organization and further development and evolution of its portfolio.

For additional information, please visit https://www.cominar.com

Position Description

Executive Vice President, Industrial

Reporting to the President and Chief Executive Officer, the Executive Vice President, Industrial is responsible for providing business and overall leadership to all aspects related to the operation of the industrial real estate portfolio including leadership of the teams responsible for leasing and operations of Cominar’s industrial assets. Visionary and strategically minded, the Executive Vice President, Industrial will be responsible for developing and executing on an overall strategy for the portfolio which will include implementing growth strategies and developing asset strategies to maximize profitability, asset value and tenant satisfaction. The Executive Vice President, Industrial will need to ensure the optimal positioning of Cominar in the market in order to promote the offer in line with the evolving needs of customers.

As a key member of the executive team, the Executive Vice President, Industrial will work closely with the President and Chief Executive Officer and with colleagues from the management team as well as all employees in making the changes necessary for the success of Cominar's strategic plan.

Key responsibilities

Strategy

Operational and Financial Management

Leadership

Business Development

Candidate Profile

Executive Vice President, Industrial

The ideal candidate has demonstrated its achievements in customer relationship management and will have successfully piloted transformations and set profitability targets. He/she has the qualities of an inspiring and mobilizing leader focused on the customer experience and the achievement of operational objectives.

Experiences and Competencies

Personal Characteristics

Location

This role will be based in Montreal, with limited travel required throughout Quebec and Ontario.

To explore this exciting opportunity further, please submit your resume and information to quebecopportunities@boyden.com and indicate the position title and organization you are applying for in the subject line of the email.

We would like to thank all the applicants, but regret that we are only able to personally contact those individuals whose backgrounds best match the requirements for the role.

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