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Cominar REIT outlines strategic initiatives with Q2 results

Cominar Real Estate Investment Trust, in reporting its second-quarter results, outlined various organizational and strategic initiatives, including the establishment of a dedicated asset management platform, in order to accelerate its organic growth and maximize its portfolio's value.

The Canada-based diversified REIT said the initiatives include new revenue sources, workforce optimization, outsourcing arrangements, operating cost reductions, process automation, leveraging technology and lease auditing.

The company is executing a full asset management review of its portfolio, beginning with its top 20 properties, to formalize business plans for the assets.

The REIT noted that it has taken a C$3.9 million provision in the second quarter in connection with the strategic initiatives, comprising mainly of severance payments tied to 67 job cuts since the start of 2019.

The company recently added Mélanie Vallée as vice president data and technology and Alexandra Faciu as executive director asset management.

The REIT also recently closed the sale of one income property for gross proceeds of C$14.0 million.