Melcor has appointed two new trustees to its board amid a strategic review designed to improve the REIT’s finances.

The appointments of Barry James and Brandon Kot took effect immediately. Edmonton-based Melcor also announced that it has appointed BMO Capital Markets as financial advisor for the review, which was launched in February.

A chartered accountant, James served as managing director of PricewaterhouseCooopers’ Edmonton office from 2001 to 2011. He has sat on several boards and currently chairs ATB Financial while also chairing the board’s audit committee. He also chairs the Corus Entertainment, AutoCanada and University of Alberta Property Trust’s audit committees.

Kot is a commercial real estate mortgage industry leader. He is the managing partner of the Toronto-based Canada ICI Capital Corporation, a national real estate finance group.

He sits on Edmonton’s Stollery Children’s Hospital Foundation board and and is an active member of the Real Estate Council of Alberta and Mortgage Professionals Canada.

James has been appointed to a Melcor board committee that is overseeing the strategic review. The other committee members are board members are its chair Richard Kirby and fellow independent trustee Bernie Kollman.

DLA Piper was previously appointed as legal counsel to the committee. Melcor has warned, there is no guarantee that the review will lead to any specific transaction or outcome, and the timeline for completion has not been set.

The REIT has suspended distributions due to uncertainties in capital and property markets, following a comprehensive review aimed at ensuring long-term viability and preserving value for unitholders.

In addition, Melcor has decided to focus its investments on Alberta.

Melcor’s portfolio currently contains 39 retail, office and industrial assets in Alberta, Saskatchewan and B.C.

Pictured: Melcor retail property in northwest Calgary

Photo: Melcor REIT