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Inovalis chairman assumes president post; replacement named

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Inovalis chairman assumes president post; replacement named

Office real estate investment trust Inovalis Real Estate Investment Trust said Dan Argiros replaced Stéphane Amine as chairman, while Amine was appointed president of the REIT, effective May 15.

As a result, the board size was reduced to seven fully independent trustees.

The board of trustees also approved the extension of the management agreement between the REIT and external manager Inovalis SA, with certain amendments. The companies have agreed that considering the REIT's relative size, it is in its best interest to not internalize the asset and property management function presently.

Under the agreement, Inovalis SA's initial term will be for three years and will not go beyond April 1, 2021. It can be automatically renewed for an additional two years if the REIT's adjusted funds from operations per unit for the year ended Dec. 31, 2020, is greater than 115% of the AFFO per unit as at Dec. 31, 2017. Asset management fees will be reduced from 0.75% to 0.50% and calculated on the basis of book value of assets, while the acquisition fees will be 1.00% of the purchase price of properties acquired that are not owned or managed by the manager and paid in cash consideration.

In addition, Inovalis unit holders approved the issuance of up to 3,500,000 units as potential payment of asset management fees payable under the management agreement at the annual and special meeting held May 9.