Ravelin Properties, an office-focused real estate investment trust trying to regroup with the support of activist investor George Armoyan, has named several executives to senior positions.
Ravelin's new management team includes Chief Financial Officer Robert Hibberd and Chief Operating Officer Rachna Morgado. Sarah Jane O'Shea and Jeremy Kaupp will serve as managing directors, and Emmanuel Muyal as senior vice president of finance, the company said. Gopikannan Pillai will serve as senior vice president for legal, and Dan Sheremeto as senior vice president of real estate and corporate finance, the company added.
"Our team is now in place and operating across our global platform, including fully functioning accounting, finance, corporate and real estate operations," CEO Shant Poladian said in a statement. "We are well-positioned to move forward with the REIT's strategic goals as we navigate the challenges and opportunities ahead of us."
Formerly known as Slate Office REIT and managed by Toronto-based Slate Asset Management, Ravelin had named industry veteran Poladian as CEO effective Jan. 1.
Armoyan, who owns about 20% of the REIT, took over as chair in November after complaining about the trust's underperformance and its contract with Slate Asset Management. That contract was later cancelled and resulted in a termination fee of $2 million.
The REIT cut its distribution in 2023 to improve liquidity, then rebranded as Ravelin under Poladian, who worked on Toronto corridor Bay Street for years. He previously served as CEO of FAM REIT, which eventually became Slate Office.
Ravelin's assets include three properties in Chicago and multiple buildings in Canada. Its unit price has tumbled below 35 cents after trading above $10 a decade ago. The REIT's market capitalization is down to $41 million.