Investment Team

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Sanjil Shah

Managing Partner
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Sanjil Shah

Managing Partner

Sanjil Shah is a Trustee of the REIT and a Partner of the General Partner, as well as a Partner and Chief Financial Officer of Alignvest Management Corporation, an alternative asset management company with interests in a broad spectrum of investments, including real assets and real estate. Prior to joining Alignvest, Mr. Shah was the Chief Financial Officer and Chief Operating Officer of StorageNow, a niche real estate business that consolidated a fragmented real estate sector in Canada.

Mr. Shah oversaw the acquisition, development and operations of 11 self-storage stores in Ontario, Saskatchewan and Alberta. The portfolio was successfully built over a four-year period and sold to InStorage REIT for cash consideration of $110 million. Prior to joining StorageNow, Mr. Shah was a Senior Manager at KPMG LLP. Mr. Shah holds a Bachelor of Arts from the University of Toronto and is a Chartered Professional Accountant and Certified Professional Accountant (Illinois).

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Jonathan Turnbull

Managing Partner
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Jonathan Turnbull

Managing Partner

Jonathan Turnbull joined Alignvest in 2017 and is a Trustee of the REIT and a Partner of the General Partner. Prior to Alignvest, Mr. Turnbull founded Dundee Private Equity and was Chief Executive Officer and Chief Financial Officer of Dundee Acquisition Ltd., the first special purpose acquisition company completed in Canada. Mr. Turnbull spent the last three years overseeing the PBSA activities of Dundee Acquisition, including the diligence and negotiation of over $400 million of PBSA acquisitions in Canada. Over $100 million of these acquisitions closed into the Dundee Acquisition/Woodbourne joint-venture – the single largest PBSA transaction ever completed in Canada.

Previously, Mr. Turnbull spent over 20 years managing and executing investment banking, equity capital markets and debt capital markets businesses in New York and London for Salomon Brothers and Citigroup. Mr. Turnbull was Global Head of Citigroup’s Infrastructure business. He has advised on M&A transactions valued at over $300 billion and raised over $50 billion for his clients in the infrastructure, telecom, media and technology sectors. Mr. Turnbull holds an HBA in Business Administration from the Richard Ivey School of Business.

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Celia Chan

Chief Financial Officer
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Celia Chan

Chief Financial Officer

Celia Chan is the Vice President of Finance at Alignvest Management Corporation. Ms. Chan was previously the Controller since joining Alignvest in 2013. Prior to joining Alignvest, Ms. Chan was a Manager at Ernst & Young LLP, a global professional services firm, where she specialized in providing audit and advisory services to clients in the financial services industry, specifically asset management companies.

Ms. Chan is a CPA, CA and holds a Bachelor of Commerce and Finance from the University of Toronto.

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Jake Mandel

Private Equity Analyst
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Jake Mandel

Private Equity Analyst

Jake Mandel joined Alignvest Management Corporation as a Private Equity Analyst in 2018.

Prior to Alignvest, Jake was actively involved in underwriting and conducting due diligence for prospective transactions at Dundee Private Equity, which included the qualifying acquisition for the first listed Canadian Special Purpose Acquisition Corporation. He also spent two years overseeing Dundee Corporation’s portfolio management strategy, as well as the Purpose-Built Student Accommodation (“PBSA”) activities of Dundee Acquisition, including the due diligence of over $400 million of PBSA acquisitions in Canada.

Mr. Mandel earned an HBA from the Richard Ivey School of Business, graduating on the Dean’s Honour List and passing with Distinction.

Trustees of REIT

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Drew Coles

Chair, Board of Trustees
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Drew Coles

Chair, Board of Trustees

Drew Coles is a Trustee of the REIT and Chair of the Trustees. Mr Coles is the Chief Executive and a director of Full – G Capital Ltd., a hotel real estate investment and asset management company. Prior to Full – G, Drew was President and CEO of InnVest REIT which was a $2.1 Billion (CAD) publicly traded real estate investment trust on the Toronto Stock Exchange (INN.UN), generating over $500M (CAD) in revenue with over 5,000 employees. At the time of privatization (August 2016), the company held an investment portfolio of over 100 hotels across Canada, and was Canada’s largest publicly traded hotel REIT. The InnVest portfolio held diverse asset classes, brands (including Marriott, Fairmont, Hyatt Regency, Hilton, Comfort and Holiday Inn) and locations (including Toronto, Calgary, Vancouver, Edmonton, Quebec City, Ottawa, Halifax, Regina. St. John’s and most major lodging markets across Canada). Drew Coles previously led the luxury hotel real estate investments for Oxford Properties valued at approximately $1.7 billion, which included the Fairmont Banff Springs and Fairmont Chateau Lake Louise. He has been involved in over $4B of hotel assets by transactions, asset management and management agreements in the past 10 years. Drew Coles currently sits as a director on the board of Avante Logixx (TSX: XX.V), one of Canada’s premier security companies, as of January 2018. He holds an Honors MBA from Webster University, St. Louis, MO, and a B.A. Economics from Acadia University.

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Robert Wolf

Trustee
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Robert Wolf

Trustee

Robert Wolf is a corporate director, active investor and financial management professional. Since 2008, through RTW Capital Corporation, he has been making active investments in and providing advisory services to North American businesses in a variety of sectors. Mr. Wolf is currently a trustee/director of (i) WPT Industrial REIT (TSX:WIR.UN), serving as Lead Trustee and member of the Audit Committee; (ii) Crosswinds Holdings Inc. (TSX:CWI), serving as Chair of the Audit Committee; and (iii) Sarment Holding Limited (TSXV:SAIS).  Mr. Wolf previously was also a director of (i) InnVest REIT (TSX:INN.UN), serving as Chair of the Investment Committee and member of the Audit Committee, Nominating and Governance Committee and Capital Structure Task Force; (ii) OneREIT (TSX:ONR.UN), serving as Chair of the Investment Committee and member of the Governance and Compensation Committee; (iii) C.A. Bancorp Canadian Realty Finance Corp. (TSX:RF.A), and (iv) Monarch National Insurance Company, serving as Chair of the Audit Committee. Prior to 2008, Mr. Wolf was the Chief Financial Officer of RioCan REIT (TSX: REI.UN) from its inception in 1994. In this role, he led all efforts to successfully raise over C$3 billion of equity and debt capital. In addition to being responsible for all financial reporting and compliance functions, he also played a key role in number of significant transactions, including corporate acquisitions, joint ventures and debt restructurings. Prior to 1994, Mr. Wolf held a variety of positions in both public accounting and private/public real estate companies. He obtained his Chartered Accountancy designation in 1984 and holds a Masters of Business Administration from the Schulich School of Business at York University (1982) and a Bachelor of Commerce from McGill University (1981).

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Reza Satchu

Trustee
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Reza Satchu

Trustee

Reza Satchu is a Trustee of the REIT. Mr Satchu is a Managing Partner and co-founder of Alignvest Management

Corporation. Mr. Satchu has co-founded, built, and/or managed several operating businesses from inception including: Alignvest Management Corporation, SupplierMarket, a supply chain software company with over 125 employees and investors that included KKR & Co. L.P. executives and Sequoia Capital, which was sold to Ariba Inc. for share consideration implying an enterprise value of US$924 million; StorageNow, which became one of Canada’s largest selfstorage companies prior to being sold to InStorage REIT for cash consideration of $110 million; and KGS-Alpha Capital Markets L.P., a U.S. fixed-income broker dealer with over US$150 million of equity capital. Mr. Satchu has a bachelor’s degree in economics from McGill University and a Masters of Business Administration from Harvard University.

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Sanjil Shah

Managing Partner & Trustee
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Sanjil Shah

Managing Partner & Trustee

Sanjil Shah is a Trustee of the REIT and a Partner of the General Partner, as well as a Partner and Chief Financial

Officer of Alignvest Management Corporation, an alternative asset management company with interests in a broad

spectrum of investments, including real assets and real estate. Prior to joining Alignvest, Mr. Shah was the Chief Financial Officer and Chief Operating Officer of StorageNow, a niche real estate business that consolidated a fragmented real estate sector in Canada. Mr. Shah oversaw the acquisition, development and operations of 11 self-storage stores in Ontario, Saskatchewan and Alberta. The portfolio was successfully built over a four-year period and sold to InStorage REIT for cash consideration of $110 million. Prior to joining StorageNow, Mr. Shah was a Senior Manager at KPMG LLP. Mr. Shah holds a Bachelor of Arts from the University of Toronto and is a Chartered Professional Accountant and Certified Professional Accountant (Illinois).

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Jonathan Turnbull

Managing Partner & Trustee
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Jonathan Turnbull

Managing Partner & Trustee

Jonathan Turnbull joined Alignvest in 2017 and is a Trustee of the REIT and a Partner of the General Partner. Prior to

Alignvest, Mr. Turnbull founded Dundee Private Equity and was Chief Executive Officer and Chief Financial Officer of

Dundee Acquisition Ltd., the first special purpose acquisition company completed in Canada. Mr. Turnbull spent the last three years overseeing the PBSA activities of Dundee Acquisition, including the diligence and negotiation of over $400 million of PBSA acquisitions in Canada. Over $100 million of these acquisitions closed into the Dundee

Acquisition/Woodbourne joint-venture – the single largest PBSA transaction ever completed in Canada. Previously, Mr. Turnbull spent over 20 years managing and executing investment banking, equity capital markets and debt capital markets businesses in New York and London for Salomon Brothers and Citigroup. Mr. Turnbull was Global Head of Citigroup’s Infrastructure business. He has advised on M&A transactions valued at over $300 billion and raised over $50 billion for his clients in the infrastructure, telecom, media and technology sectors. Mr. Turnbull holds an HBA in Business Administration from the Richard Ivey School of Business.