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Marwest Apartment REIT provides further details on its proposed qualifying transaction & announces annual general & special meeting of unit-holders

WINNIPEG, MB, April 1, 2021 /CNW/ – Marwest Apartment Real Estate Investment Trust
(“Marwest Apartment REIT” or the “REIT“) (TSXV: MAR.P), a capital pool company (as defined
under Policy 2.4 – Capital Pool Companies (the “CPC Policy“) of the TSX Venture Exchange (the
TSXV“)), is pleased to announce that is has called an annual general and special meeting (the
“Meeting”) of its holders (“Unitholders“) of Class A trust units (“Units” or “Trust Units“) to be held
at 9:00 a.m. (Winnipeg time) on April 30, 2021 at the offices of MLT Aikins LLP in Winnipeg,
Manitoba for the purpose of electing trustees of the REIT for the ensuing year, re-appointing the
auditors of the REIT and to consider and, if deemed advisable, approve various resolutions relating
to the REIT’s proposed qualifying transaction (the “Qualifying Transaction“) under the CPC Policy,
as more particularly described below. The REIT has established April 1, 2021 as the record date for
determining Unitholders who will be entitled to receive notice and to attend and vote at the Meeting.

The REIT is also pleased to announce further particulars with respect to the proposed Qualifying
Transaction to be carried out pursuant to the terms of a qualifying transaction agreement dated
February 15, 2021 (the “Qualifying Transaction Agreement“) among the REIT and certain
supporting security holders of the Target LPs (as defined below), which was previously announced
by the REIT by press release dated February 16, 2021.

Target LPs and Target Properties
The proposed Qualifying Transaction involves, among other things, the REIT’s indirect acquisition of
two limited partnerships (the “Target LPs“) owning an aggregate of two multi-family residential
properties comprising a total of 251 suites in Winnipeg, Manitoba (the “Target Properties“).

The first Target LP is Marwest Apartments I L.P. (“Kenwood LP“), a Manitoba limited partnership
which owns “Kenwood Court”, a property consisting of two (2) three-storey buildings comprising 103
units located at 333-337 Warde Avenue in Winnipeg, Manitoba (the “Kenwood Property“).
Constructed in 2006, the Kenwood Property has a suite mix of 101 two-bedroom suites and two (2)
three-bedroom suites.

The second Target LP is Marwest Apartments VII L.P. (“Brio LP“), a Manitoba limited partnership
which owns two complexes comprising a total of 148 units located at 160 Eaglewood Drive (“Brio I“)
and 140 Eaglewood Drive (“Brio II“) in Winnipeg, Manitoba (the “Brio Property“). Constructed in
2018, Brio I consists of five (5) two-storey buildings comprising of 74 units located at 160
Eaglewood Drive in Winnipeg. Constructed in 2019, Brio II consists of five (5) two-storey buildings
comprising 74 units located at 140 Eaglewood Drive in Winnipeg, Manitoba. The suite mix of the
Brio Property is comprised of 40 one-bedroom suites, 58 two-bedroom suites, 44 three-bedroom
suites and six (6) four-bedroom suites.

The only material assets and liabilities of Kenwood LP relate to the Kenwood Property. As of March
31, 2021, the sole mortgage loan secured against the Kenwood Property will have a remaining
principal amount of $12,507,853. It is on a 10-year term expiring on May 1, 2030, bearing interest
at a fixed annual rate of 1.71%, and is amortized over a 25-year period.


The only material assets and liabilities of Brio LP for which the REIT will be responsible for relate to
the Brio Property. There are two first charge mortgage loans, one secured against Brio I and the
other secured against Brio II. As of March 31, 2021 the mortgage loan secured against Brio I will
have a remaining principal amount of $12,949,717. It is on a 5-year term expiring on October 1,
2023, bearing interest at a fixed annual rate of 4.014%, and is amortized over a 30-year period. As
of March 31, 2021 the mortgage loan secured against Brio II will have a remaining principal amount
of $17,170,695. It is on a 10.5-year term expiring on June 1, 2030, bearing interest at a fixed
annual rate of 2.62%, and is amortized over a 40-year period.


Target LP Historical Financial Information
The following is a summary of the aggregate assets, liabilities, revenues and net profits / losses of
the Target LPs as at and for the fiscal years ended December 31, 2020 and December 31, 2019:


Separate audited annual financial statements of the Target LPs for the fiscal years ended December
31, 2020 and December 31, 2019 will be included in the management information circular to be sent
to Unitholders in connection with the Meeting.

Qualifying Transaction
Subject to various conditions of closing, the REIT, through a subsidiary limited partnership (the “Partnership“)
that will be wholly-owned by the REIT immediately prior to the closing of the Qualifying Transaction, has agreed to acquire:

(a) all of the issued and outstanding limited partnership units (“Kenwood LPUnits“) of Kenwood LP from
the holders thereof (each, a “Kenwood LP Unitholder” and, collectively, the “Kenwood LP Unitholders“),
for an aggregate purchase price of $8,192,147 (the “Aggregate Kenwood LPPurchase Price“). The
Aggregate Kenwood LP Purchase Price reflects the value attributed to the Kenwood Property by the
Kenwood LP Unitholders who are parties to theQualifying Transaction Agreement in the amount of
$20,700,000.00, less the existing mortgage indebtedness on the Kenwood Property as at March 31, 2021 in
the amount of $12,507,853; and
(b) all of the issued and outstanding limited partnership units (“Brio LP Units“) of Brio LP from the holders
thereof (each, a “Brio LP Unitholder” and, collectively, the “Brio LP Unitholders“) for an aggregate purchase
price of $3,379,588 (the “Aggregate Brio LPPurchase Price”), which reflects the value attributed to the Brio
Property by the Brio LP Unitholders who are parties to theQualifying Transaction Agreement in the amount of
$33,500,000.00, less the existing aggregate mortgage indebtedness in respect of the Brio Property as at
March 31, 2021 in the amount of $30,120,412.

The Aggregate Kenwood LP Purchase Price and the Aggregate Brio LP Purchase Price (collectively,
the “Aggregate Purchase Price“) will be satisfied entirely through the issuance of Class B limited
partnership units (“Exchangeable LP Units“) of the Partnership at a deemed value of $1.00 per
Exchangeable LP Unit or, in the case of holders of Kenwood LP Units or Brio LP Units who are
individuals and do not transfer their Kenwood LP Units or Brio LP Units to a taxable Canadian
corporation prior to closing, in trust units of the REIT (“Trust Units“) at a deemed value of $1.00 per
Trust Unit. An aggregate of 11,571,736 Exchangeable LP Units and/or Trust Units will be issued in
satisfaction of the Aggregate Purchase Price. Each Exchangeable LP Unit will entitle the holder
thereof to exchange it at any time for one Trust Unit and will be accompanied by a special voting unit
(a “Special Voting Unit“) of the REIT entitling the holder thereof to receive notice of, attend and
vote at meetings of holders of Trust Units (and Special Voting Units). Each Kenwood LP Unitholder
and each Brio LP Unitholder receiving Exchangeable LP Units will be entitled to elect to “roll in” their
Kenwood LP Units or Brio LP Units to the Partnership on a tax-deferred basis by way of a joint
election with the Partnership under the Income Tax Act (Canada).

The Partnership will also acquire all of the shares of the general partners of the Target LPs for a
nominal sum.

Non-Arm’s Length Qualifying Transaction
The Qualifying Transaction is a “related party transaction” within the meaning of TSXV Policy 5.9
(“TSXV Policy 5.9“) and a Non-Arm’s Length Qualifying Transaction within the meaning of the CPC
Policy and closing is subject to receipt of Unitholder approval, including on a “majority of the minority”
basis, at a special meeting of Unitholders.

Marwest Asset Management Inc. (“Marwest“) a company controlled by Mr. William Martens, Chief
Executive Officer and a trustee, and Mr. Armin W. Martens, Executive Vice-President, Cornelius
W.V. Martens and Karl Martens and owned equally by their respective families (collectively, the
Marwest Management Group“), and the REIT will enter into an asset management and property
management agreement (the “Management Agreement“) effective on the closing of the Qualifying
Transaction.

In addition to owning 100% of the shares of the general partner of Kenwood LP and 50% of the
shares of the general partner of Brio LP, members of the Marwest Management Group and other
members of the Martens family (the “Marwest Group“) own an aggregate of 125 Kenwood LP
Units, representing 30.34% of the outstanding Kenwood LP Units and an aggregate of 6,000 Brio LP
Units, representing 50% of the outstanding Brio LP Units, all of which will be sold to the Partnership
in consideration for Exchangeable LP Units and Trust Units.


(1) Each of Armin W. Martens and Karl Martens are also beneficiaries of a discretionary trust that holds an indirect interest in MannRealty Advisors Inc.
As a result of the Qualifying Transaction:
(a) in the event of the completion of a private placement of a minimumof 500,000 Trust Units, without factoring in any purchases by the Marwest Group thereunder, the
Marwest Groupwill control and/or beneficially own approximately 4,915,273 Trust Units and Exchangeable LPUnits representing approximately 35.43%of the issued and
outstanding Trust Units on a fully diluted basis (assuming the exchange of all Exchangeable LPUnits); and
(b) in the event of the completion of a private placement of a maximumof 1,000,000 Trust Units, without factoring in any purchases by the Marwest Group thereunder, the
Marwest Groupwill control and/or beneficially own approximately 4,915,273 Trust Units and Exchangeable LPUnits, representing approximately 34.20%of the issued and
outstanding Trust Units on a fully diluted basis (assuming the exchange of all Exchangeable LPUnits).
No finder’s fee or commission will be paid as consideration for identifying the Target LPs and no
deposit, advance or loan was paid or will be paid to the Target LPs or any Kenwood LP Unitholder
or Brio LP Unitholder in connection with the Qualifying Transaction.

Independent Trustee Review and Approval Process
Mr. Luke Cain and Ms. Kim Riley, the independent trustees of the REIT as at the date of the
Qualifying Transaction Agreement, negotiated and approved the terms of the Qualifying Transaction
Agreement and the key terms of the agreements to purchase the Kenwood LP Units and Brio LP
Units and the Management Agreement.

Independent Appraisals of Target Properties
Although the REIT was not required to obtain a formal valuation (within the meaning of TSXV Policy
5.9) of the Kenwood LP Units or the Brio LP Units, the REIT obtained an independent appraisal for
each of the Kenwood Property and the Brio Property which support the consideration to be paid for
Kenwood LP and Brio LP. The independent appraisals are subject to customary assumptions,
qualifications and limitations and will be summarized in the management information circular to be
prepared in connection with the annual and special meeting of unitholders to be called for the
purpose of approving the Qualifying Transaction.

Management Agreement
Pursuant to the Management Agreement, Marwest will be appointed to provide asset management
services and property management services to the REIT for an initial term of 10 years, with five (5)
year successive renewals thereafter, subject to earlier termination in accordance with its terms.

Pursuant to the Management Agreement, Marwest will be entitled to appoint the executive officers
of the REIT from time to time. The Management Agreement will also provide Marwest with the right
to nominate the Chief Executive Officer to the board of trustees of the REIT and one (1) additional
trustee where Marwest and its ownership group own 10% or more of the outstanding voting
securities of the REIT and the board of trustees is comprised of five (5) members or more.

The Management Agreement entitles Marwest to receive, in its capacity as asset manager: (i)
commencing when the REIT completes its first acquisition following the completion of the Qualifying
Transaction, an annual base asset management fee equal to 0.25% of the Gross Book Value (as
defined in the REIT’s declaration of trust), payable monthly; (ii) commencing with the REIT’s first
acquisition following the completion of the Qualifying Transaction, an acquisition fee in respect of
property acquisitions based on a sliding scale of between 1.0% of the purchase price and 0.5% of
the purchase price; (iii) commencing for the fiscal year ended December 31, 2023, an incentive fee
equal to 15% of the year-over-year increase in adjusted funds from operations (AFFO) per unit from
the AFFO per unit as at the end of the prior year, multiplied by the number of outstanding units
(subject to an annual cap in a fiscal year equal to 100% of the base asset management fee payable
in the applicable fiscal year); and (iv) a construction management fee equal to 5.0% of hard
construction costs up to $1 million and 4.0% of hard constructions costs above $1 million. The
construction management fee is subject to a tender process and periodic review by the independent
trustees of the REIT. The Management Agreement also entitles Marwest to receive a fee equal to
4.0% of gross revenues as a property management fee.

The Management Agreement may be terminated by the REIT in respect of asset management
and/or property management services in certain circumstances, including: (i) at the end of the initial
term or each renewal term for cause and with the approval of a majority of the independent trustees;
or (ii) upon a decision by a majority of the independent trustees to internalize services at any time
(including during a term) after the REIT reaches $750 million in market capitalization, provided that
the REIT enters into executive contracts with each of the REIT’s executive officers on market terms,
and in either case upon payment of a fee equal to the 12 months trailing fees paid in respect of the
terminated services.

Marwest may terminate the agreement upon a defined change of control of the REIT and in such
event shall be entitled to a termination payment equal to three (3) times the 12 months trailing fees.

Subject to approval of disinterested unitholders, the REIT will reserve Trust Units equal to 10% of
the issued and outstanding Trust Units and Exchangeable LP Units upon the completion of the
Qualifying Transaction for the issuance to Marwest, which will have the right to elect to receive up to
50% of any payment of its annual base asset management fee and up to 50% of any payment of
any incentive fee in Trust Units, at a price equal to the twenty-day volume-weighted average trading
price of the Trust Units on the payment date (the “20-Day VWAP“), provided that until the market
capitalization of the Trust Units reaches $20 million, the price shall be the greater of the 20-Day
VWAP and the price that Trust Units were issued at the last public offering or private placement of
Trust Units.

To secure an acquisition pipeline, the REIT may from time to time provide real estate entities owned
or controlled by Marwest or other companies comprising the Marwest Group of Companies with
mezzanine loans in respect of development properties. The terms and conditions of any mezzanine
loan and the rights granted to the REIT in connection with any such loan will be negotiated between
the independent trustees of the REIT and Marwest at the time that a mezzanine loan is agreed to
and will be subject to all applicable regulatory and unitholder approvals.

Executive Officers of the REIT and of Marwest
Following the Qualifying Transaction, William Martens will continue as Chief Executive Officer of the
REIT, Armin W. Martens will continue as Executive Vice-President of the REIT and Jennifer Nazimek
will continue as Chief Financial Officer of the REIT. Mr. Cornelius W.V. Martens, an executive
officer of Marwest, will provide assistance to the executive officers of the REIT, including with
respect to investor relations.

The directors and executive officers of Marwest are William Martens (Director and Chief Executive
Officer), Armin W. Martens (Director and Executive Vice-President), Jennifer Nazimek (Chief
Financial Officer), Cornelius W.V. Martens (Executive Vice-President) and Karl Martens (Executive
Vice-President).

Trustees of the REIT
The current Trustees, being Mr. William Martens, Mr. Cornelius Martens, Mr. Luke Cain and Mr.
Jason Pellaers will be nominated for re-election as Trustees for the ensuing year.

The following are biographies of all of the executive officers and Trustees of the REIT:

William Martens – Winnipeg, Manitoba – Trustee and Chief Executive Officer
Mr. William Martens, age 45, of Winnipeg, Manitoba, is a director and executive officer of various
companies comprising the Marwest Group of Companies, including Marwest Management Canada
Ltd., a property management company, Marwest Construction Ltd., a construction company, as well
as various corporations which act as general partners of limited partnerships sponsored by the
Marwest Group of Companies focused on the acquisition and/or development of multi-family
residential properties, assisted living retirement residences and commercial properties. Mr. William
Martens also worked in the commercial real estate financing industry for five years. William Martens
has extensive experience in the real estate industry as a result of his senior roles at the Marwest
Group of Companies since 2015 and obtained a Bachelor of Commerce (Honours) degree from the
University of Manitoba.

Jennifer Nazimek – Winnipeg, Manitoba – Chief Financial Officer and Corporate Secretary
Ms. Jennifer Nazimek, age 42, of Winnipeg, Manitoba, is the Chief Financial Officer of various
companies comprising the Marwest Group of Companies, including Marwest Management (Canada)
Ltd., a property management company, Marwest Construction Ltd., a construction company, as well
as various corporations which act as general partners of limited partnerships sponsored by the
Marwest Group of Companies focused on the acquisition and/or development of multi-family
residential properties, assisted living retirement residences and commercial properties. Ms. Nazimek
holds a Chartered Professional Accountant and Chartered Accountant designation. Ms. Nazimek has
extensive experience in the real estate industry as a result of her role as Chief Financial Officer of
the Marwest Group of Companies and obtained a Bachelor of Commerce (Honours) degree from
the University of Manitoba.

Armin W. Martens – Winnipeg, Manitoba – Executive Vice-President
Mr. Armin W. Martens, age 35, of Winnipeg, Manitoba is a director and executive officer of various
companies comprising the Marwest Group of Companies, including Marwest Management Canada
Ltd., a property management company, Marwest Construction Ltd., a construction company, as well
as various corporations which act as general partners of limited partnerships sponsored by the
Marwest Group of Companies focused on the acquisition and/or development of multi-family
residential properties, assisted living retirement residences and commercial properties. Armin W.
Martens has extensive experience in the real estate industry as a result of his senior roles at the
Marwest Group of Companies since 2010. Armin W. Martens holds a Bachelor of Business
Administration degree from Trinity Western University.

Cornelius Martens – Winnipeg, MB – Trustee
Mr. Cornelius Martens, age 79, of East St. Paul, Manitoba graduated from the University of
Manitoba with a Bachelor of Science degree in Civil Engineering in 1965. In 1968, together with his
father, he incorporated the first company which comprised the group of companies known today as
the Marwest Group of Companies. The Marwest Group of Companies is engaged in the
development, construction and management of income producing properties, including office
buildings, shopping centers, residential and mixed use properties. Since its incorporation until 2015,
Mr. Martens served as President and Chief Executive Officer of the various companies comprising
the Marwest Group of Companies. He is currently the President and Chief Executive Officer of
Marwest Properties Ltd. He is also a co-founder and past Executive Vice-President of Artis Real
Estate Investment Trust. Mr. Martens was a trustee of Artis Real Estate Investment Trust from its
inception in 2004 until May 2019. Cornelius Martens has extensive experience in the real estate
industry as a result of his senior roles at the Marwest Group of Companies and Artis Real Estate
Investment Trust.

Luke Cain – Winnipeg, Manitoba – Trustee
Mr. Luke Cain, age 34, of Winnipeg, Manitoba, is a Senior Director of Mortgage Origination at
Canada ICI Capital Corporation, one of Canada’s largest and most respected commercial real
estate finance firms. Over the past five years, Mr. Cain has helped originate and fund of over $4.5
billion of new commercial mortgages. In fiscal 2020, he was responsible for approximately 150
loans, predominantly in the multi-family asset class, financing over $1.5 billion. Mr. Cain holds a B.A.
(Economics) from Union College (New York), and an M.B.A. (Finance) from the University of
Manitoba. Mr. Cain has extensive experience in the real estate financing industry as a result of his
senior role at Canada ICI Capital Corporation.

Jason Pellaers – Winnipeg, Manitoba – Trustee
Mr. Pellaers, age 45, of Winnipeg, Manitoba, is currently Vice-President, Finance at NFI Group Inc.
(“NFI“), a TSX-listed issuer (TSX: NFI) that is a leading global bus manufacturer. In his role as Vice-
President, Finance, Mr. Pellaers is responsible for NFI internal controls over financial reporting
(ICFR) and NFI’s external financial reporting requirements. Mr. Pellaers works directly with the NFI
audit committee in reviewing financial statements and related public disclosures. Mr. Pellaers has
played an integral role in NFI’s mergers and acquisitions activity, having led two recent acquisitions
by NFI and participating as a finance lead member on multiple other acquisitions. Prior to assuming
his current position in January 2017, Mr. Pellaers held other important positions at NFI, including
Director of Finance since August 2010. Mr. Pellaers is a member of the Chartered Professional
Accountants of Canada and is a CPA (CA) and received a Bachelor of Commerce (Honours) from
the University of Manitoba in 1998.

Subject to TSXV approval, prior to the completion of the Qualifying Transaction, Mr. Pellaers will
purchase from Ms. Kim Riley (who resigned as a Trustee effective February 16, 2021 due to other
professional commitments) 20,000 seed Trust Units, which will continue to held in escrow in
accordance with the requirements of the CPC Policy.

Concurrent Private Placement
The REIT has engaged Canaccord Genuity Corp. (the “Agent”) to conduct, on a commercially
reasonable “best efforts” basis, a brokered private placement of a minimum of 500,000 Trust Units
and up to a maximum of 1,000,000 Trust Units at a price of $1.00 per Trust Unit for gross proceeds
of a minimum of $500,0000 and a maximum of $1,000,000 (the “Private Placement”). The net
proceeds of the Private Placement will be used to fund a portion of the expenses of the Qualifying
Transaction and for working capital and general purposes of the REIT.

The REIT has agreed to pay a fee to the Agent equal to seven percent (7%) of the gross proceeds
of sales of Trust Units pursuant to the Private Placement.

The trustees / directors and officers of the REIT and/or of Marwest and their associates may
purchase Trust Units pursuant to the Private Placement, however such purchasers are not
anticipated to purchase more than 25% of the Trust Units sold pursuant to the Private Placement.

Other Terms of the Qualifying Transaction
Subject to approval of the TSXV and unitholders, the REIT proposes to adopt an Equity Incentive
Plan on the closing of the Qualifying Transaction which permits the REIT to grant securities-based
compensation as follows:
(i) a fixed number of deferred trust units (accompanied by Special VotingUnits) and/or restricted trust units equal to 10%of the number of Trust Units and Exchangeable LP Units outstanding immediately following the completion of theQualifying Transaction; and
(ii) options to purchase Trust Units in a number equal to 10% of the number of Trust Units and Exchangeable LPUnits from time to time, provided that on the date of any grant of options, the number of Trust Unit underlying options, and the number of Trust Units issued or issuable pursuant to deferred units and/or restricted units, and the number of Management FeeUnits, shall not exceed 20% of the issued and outstanding Trust Units on such date.

Conditions of Closing
The Qualifying Transaction is currently anticipated to close as soon as practicable following the
Meeting held on April 30, 2021. The completion of the Qualifying Transaction is subject to a number
of closing conditions including the following:
(a) approval of the resolution approving theQualifying Transaction by Unitholder on a “majority of the minority” basis;
(b) approval of the Equity Incentive Plan by a majority of votes cast by Unitholders, provided that no deferred units or restricted units may be issued unless the Equity Incentive Plan is approved by a majority of disinterestedUnitholders;
(c) approval by disinterestedUnitholders of Marwest’s right to: (i) elect to receive up to 50%of its base annual asset management fee and up to 50%of its incentive fee in Trust Units, and the reservation of Trust Units equal to 10%of the issued and outstanding Trust Units and Exchangeable LPUnits immediately following the closing of the Qualifying Transaction; and (ii) Marwest’s right to elect to receive ExchangeableUnits upon an internalization of management of theREITin accordancewith the terms of the Management Agreement;
(d) approval of disinterestedUnitholders of amendments to theREIT’s declaration of trust dated as of July 2, 2020 to provide Marwest with the following rights: (i) in the event that Marwest ceases to be the exclusive asset manager of theREITfor any reason, Marwest shall be entitled to require theREITto remove “Marwest” fromits name; and (ii) so long as Marwest is the asset manager of theREIT, it shall be entitled to appoint theCEOas a Trustee of theREITandwill be entitled to nominate an additional Trustee where the Marwest Asset Management Group directly or indirectly beneficially own collectively 10%or more of the outstanding voting securities of theREIT(on a non-diluted or fully-diluted basis) and where the Board of Trustees is or will be comprised of five (5) or more members;
(e) certain lender consents; and
(f) continued satisfactory due diligence with respect to the Kenwood Property and the Brio Property and no material adverse change occurring in the Brio LP(or the Brio Property) or the Kenwood LP(or the Kenwood Property).

Cash Distribution Policy
The Board of Trustees will consider a cash distribution policy in the future when income and liquidity
allow for it. The REIT’s objective is to pay a stable and sustainable cash distribution to unitholders
which grows over time from a portfolio of quality multi-family residential properties.

General
In connection with the closing of the Qualifying Transaction, the REIT will apply to meet the initial
listing requirements of the TSXV for a real estate issuer. Following the Qualifying Transaction, the
REIT intends to continue focusing on the acquisition of multi-family residential properties located in
Western Canada, although the REIT is not excluded from investing in properties located in other
jurisdictions of Canada or the United States.

In light of the concurrent brokered private placement, the REIT will be requesting a waiver of the
sponsorship requirements of TSXV Policy 2.2 – Sponsorship and Sponsorship Requirements but
there is no assurance that such waiver will be granted.

The REIT’s head office will continue to be located at 5th Floor, 220 Portage Avenue in Winnipeg, Manitoba.

For further information: Mr. William Martens, Chief Executive Officer, Telephone: (204) 947-1200
CO: Marwest Apartment Real Estate Investment Trust

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