SmartCentres REIT CEO J. Huw Thomas will leave his position when his five-year contract ends in June and be replaced by President and COO Peter Forde.

The shopping-center real estate investment trust's nonexecutive chairman and largest unit holder, Mitchell Goldhar, will become executive chairman, the company said in an earnings release.

Thomas will retain a seat on the company's board of trustees.

SmartCentres agreed with its 50%-owned PCVP to extend a C$115.8 million loan to advance funds on an interim basis to repay an existing construction facility outstanding on the KPMG Tower in Vaughan, Toronto.