Partners Real Estate Investment Trust (Partners) is making changes to the management of its properties across Canada.
Throughout the second quarter of 2016, Partners will be internalizing the management of its 25 properties in Ontario, Manitoba, Alberta, and British Columbia. The REIT anticipates that this transition will take place gradually, and be complete by June 30, 2016. EPIC Realty Partners currently manages the properties.
Partners is also consolidating the management of the REIT’s 11 properties in Quebec under the oversight of a single external property manager. This manager will be selected via a formal request for proposals, a process that is already underway. Currently, two external managers provide property management, leasing, and some of the accounting functions within this province. The REIT believes this strategy will result in both cost efficiencies and an enhanced tenant experience.
“Since the beginning of 2015, Partners has focused primarily on placing the best possible tenants within our properties and providing these tenants with the best possible service,” says Jane Domenico, the president and chief executive officer of the REIT. “All of [the] changes have been made with the purpose of accelerating this strategy, as well as improving the efficiency of our cost structure.”
The internalization of the REIT’s property management, to be overseen by Paul Harrs, recently appointed chief operating officer of Partners.