(last updated January 29, 2021)

The Independent Review Committee will prepare a report, at least annually, of its activities for Unitholders which will be available on the Manager’s website at, or at the Unitholder’s request at no cost, by contacting the Manager at 1 (416) 639-2130 or by emailing the Manager at The members of the Independent Review Committee are Gregory Koegl, Eamonn McConnell and William Woods. The following is a brief description of the backgrounds of the members of the Independent Review Committee.

Gregory Koegl

Gregory Koegl founded and is President of Koebra Development Corporation (Gestion Koebra) in 1991, initially to reposition underperforming real estate assets for many national and international financial institutions. During the mid to late 1990’s Koebra began to develop real estate again for its own account as well as to consult with third party property owners. In 2007, Mr. Koegl founded Capital Wapati (name subsequently changed to Investus), a newly formed CPC public company listed on the TSX Venture Exchange. This company, destined to become a REIT, specialized in the development and acquisition of industrial real estate across Canada. Koebra has been working in partnership with a variety of equity partners, to invest and create value real estate assets in various classes within the Province of Quebec. Prior to forming his own company, Mr. Koegl was the President of Terravon Developments (1989-1991), a company specializing in industrial real estate development and management. He was the Director of Development for the Alexis Nihon Corporation (1987-1989), and Manager of Development and Acquisitions for Marathon Realty Company Limited (1984-1987). Prior to moving to Montreal, Mr. Koegl worked for the F.W. Woolworth Company (Woolco division) in Toronto as a Project Manager for new store construction across Canada. Mr. Koegl has a Bachelor of Architectural Technology from Ryerson Polytechnical Institute (1981), an MBA from McGill University (1984) and was a part time faculty lecturer at McGill University between 1985 and 1993.

Eamonn McConnell (Chair)

Eamonn McConnell is a Managing Director and Portfolio Manager at Kensington Capital Partners. For over 30 years, Eamonn McConnell has been involved in the investment banking and global fund management business. Eamonn has worked in Canada, the UK and Asia during his career. He has worked for many large international institutions including Barclays Global Investors, Deutsche Bank and Merrill Lynch. In the late 1990s, he was a Managing Director at Deutsche Bank responsible for the pricing, underwriting and risk management of Deutsche Bank’s debt new issue business (Asia and Europe). His areas of activity have ranged from capital markets work in both debt and equity products, the establishment of a mutual fund investment management company and the subsequent launch of several funds, to the establishment of a private equity fund management company. Eamonn has been an active investor in all types of assets and the management of risk products. He is currently a Partner with Gryphus Capital, a private equity firm he co-founded in 2002, which is based in Singapore. Eamonn served as the Deputy Chairman of the Alternative Investment Management Association (AIMA) Canada from 2008 – 2013. Eamonn has an MBA from McGill University and HEC France, and the CAIA designation.

William Woods

William Woods co-founded, and is currently the Chairman Emeritus of, Independent Review Inc. (a firm that specializes in investment fund governance and sound governance for public companies) in Canada. IRI supports over 35 Independent Review Committees on an ongoing basis and has assisted Investment Managers to establish over 45 IRCs over the last ten years. He currently serves as an independent director on the boards of Canadian corporations and offshore hedge funds, as an independent review committee member for several public investment fund groups in Canada, and as an independent trustee. He is the Chair of two IRCs. He has served on Hedge Fund Boards for more than 16 years and has had experience dealing successfully with fund launches, fund closures, fund liquidations and various liquidity crisis during that period. He has been a capital markets consultant since January 2002. From 1995 to December 2001, he was the Chief Executive Officer of the Bermuda Stock Exchange. Prior to that, he co-founded the International Securities Consultancy, a consulting group based in Hong Kong and London that specializes in advising on the development of both emerging and mature securities markets. He is a lawyer, admitted to practice in Bermuda, England & Wales and Hong Kong. He was a solicitor with Linklaters & Paines in Hong Kong where he specialized in corporate finance work. For three years, he acted as Legal Counsel to the Stock Exchange of Hong Kong. Institute of Corporate Directors (ICD.D 2017).