Top Exec Leaving Crombie REIT
NEW GLASGOW –The executive vice-president and chief operating officer of one of Canada’s largest real estate investment trusts is retiring.
Crombie Real Estate Investment Trust (REIT) announced that Glenn Hynes, who joined in 2021 as chief financial officer and secretary, will officially retire on Oct. 31.
Crombie REIT owns a combination of grocery-anchored commercial, industrial, and mixed-use residential properties in a variety of urban and suburban markets.
Valued at $5.4-billion, Crombie REIT was established in 2006, the successor to the former Atlantic Shopping Centers, a company with ties to Sobeys Inc.
Headquartered in New Glasgow, Crombie REIT has business ties to Sobeys’ parent company, Empire Company Ltd. – its largest shareholder.
Crombie REIT owns 294 income-producing properties, the majority of which are grocery-related, and include Sobeys locations across Canada, for a total of 18.5-million square feet across all 10 Canadian provinces.
Hynes, a chartered accountant and UPEI alumnus, has served in executive roles with Sobeys Inc. from 1996 to 2006. He has also worked as a CFO and partner with Edmonton-based petroleum product distributor Bluewave Energy LP.
According to Crombie REIT President and CEO Don Clow, Hynes is preparing to leave the trust on a high note, with its portfolio of properties performing well.
“We have dedicated and skilled talent which allows us to be strong operators, while also focusing on an increased investment in Empire-related initiatives and our real estate development program,” Clow said.
Clow noted that Hynes has prepared for succession by mentoring other staff across the organization, “including some who are ready to fill his shoes.”
Clow was mum on the details in a June 14 media release, noting they will be disclosed in the coming months.
“With our great team, we are well-positioned to continue executing out strategy and creating long-term value for our stakeholders,” he added.
Clow praised Hynes’ contributions to Crombie REIT, noting he has been a respected team leader since 2010.
“In his early days, as CEFO, Glenn built the strong financial conditions that enabled us to pivot our strategy which has resulted in our pursuit of the best-in-class AFFO and NAV growth,” Clow said.
“In his most recent years… Glenn led the construction, development, leasing and operations functions which among many accomplishments, led the successful completion of our first six major development projects and important work in advancing our strategic partnership with Empire.”
Clow said Glenn also supported Crombie REIT through the pandemic, working as “a catalyst for our robust response and results” during that time.
“We are grateful for his strong strategic acumen, trusted leadership and wise counsel over the past 12 years,” Clow said.
Sam Macdonald is a Huddle reporter in Moncton. Send him your feedback and story ideas: [email protected].