Slate Office REIT is set to get a new chief executive and name.
The real estate investment trust this week unveiled its new name of Ravelin Properties REIT and said Shant Poladian will take over as its new CEO effective "on or about" Jan. 1. The REIT appointed Poladian to its board of trustees on Nov. 18 and said he will continue to serve in that role.
In October, Toronto-based Slate Asset Management, a company that owns almost 10% of Slate Office, said it would terminate its management agreement with Slate Office REIT. "The previously announced termination date of the Management Agreement has been accelerated from March 30, 2025 to December 31, 2024," the REIT said Tuesday.
As a result of moving up the termination, the REIT said it will make "a $2 million termination payment to the Manager, which represents the approximate net present value of the amounts owing to the Manager" if the agreement had been terminated in March as originally planned.
George Armoyan, named chair of what soon will be called Ravelin's board of trustees, said in November that the REIT would also reduce costs by internalizing its management team to “better align the interests of management with the REIT's unitholders to drive long-term value.”
Slate Office was founded in 2005 by brothers Blair Welch and Brady Welch, who has been serving as CEO. It has a portfolio of properties including 11 in Ireland, 10 in Canada and one in Chicago, according to its website.
As for the incoming CEO, Poladian currently serves as a member of the board of trustees with Killam Apartment REIT and Canna 8 Investment Trust. He is also managing director of Springhurst Capital Corp., as well as a corporate director of Jo-Jo Capital Canada, according to his LinkedIn profile.