Manager Update

To:  RNS
Date: 19th April 2022
From:  BMO Real Estate Investments Limited (the “Company”)
LEI:  231801XRCB89W6XTR23
 

Manager and Board Update

Manager Update

Further to the announcement of 31st March 2022, the Board announce that Matthew Howard will succeed Peter Lowe as the Company’s Lead Manager with effect from 19th July 2022. Peter Lowe, supported by the wider team of property professionals within BMO Real Estate Partners (BMO REP) will continue to manage the Company’s assets until 19th July at which point Peter’s Lead Manager responsibilities will transfer to Matthew.   Peter will continue to assist Matthew and the wider team, following the transfer of responsibilities, to ensure an orderly transition.

Matthew Howard, a Chartered Surveyor, joined BMO REP in July 2017, having spent the previous six years at Hermes Investment Management (Now Federated Hermes). He is a member of BMO REP’s Investment Committee. Matthew is the Fund Manager of the RSA Shareholders Real Estate Fund and Deputy Manager of BMO Commercial Property Trust.
 

Board Update

On 31 March the Company announced that Vikram Lall, Chairman of the Company would be stepping down from the Board later this year.  In light of the change in Lead Manager and retirement of Rebecca Gates as a director, the Board feel it would be appropriate for Vikram to continue as Chairman beyond this period to ensure a smooth transition of responsibilities and provide continuity for shareholders.  A process to find Rebecca Gates replacement has commenced and an update will be provided in due course.
 

Commenting on the appointment, Vikram Lall, Chairman said

“We are delighted that Matthew will take on the role as our Lead Manager and look forward to working with Matthew on building on our impressive NAV performance track record. We continue to believe the Company’s share price is not reflective of Company’s value and quality of portfolio.  The Board are addressing the fact that the shareholder returns do not match the performance of the portfolio.”  



Enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: [phone]


Peter Lowe
Scott Macrae
BMO Investment Business Ltd
Tel: [phone]