TORONTO, ONTARIO--(Marketwire - March 7, 2013) - Calloway Real Estate Investment Trust (TSX:CWT.UN) (Calloway) announced today that its CEO, Al Mawani, will be leaving the Trust later this month due to family considerations. He will also be resigning as a trustee. The Board of Trustees has appointed Huw Thomas, a Chartered Accountant, current trustee and Chairman of the Audit Committee, as interim CEO effective March 21. Mr. Thomas will guide the Trust while it seeks a permanent replacement.

Mr. Thomas is a recognized financial leader, having previously served as CFO of Canadian Tire for a number of years. He is a highly skilled steward for the Trust, with extensive experience in the retail marketplace, real estate and capital markets, and with the investment community.

"Calloway REIT has an exciting future," said Thomas. "The Trust has a strong balance sheet, a growing portfolio of superior assets and will open some of the most innovative retail and mixed use concepts in Canada in the years ahead."

Mawani stated, "The Trust has a history of high performance and a culture of innovation. It has an excellent management team in place and the support of partners like SmartCentres and Simon Properties. These conditions give me complete comfort leaving the Trust at this juncture to deal with priority family matters."

The existing leadership team, core unit holder and trustees remain under Mr. Thomas' leadership. They have a collective focus on continuity, noting the power of maintaining the existing business plan which has delivered record financial performance, an exceptional occupancy rate and exciting upcoming projects like the Vaughan Metropolitan Centre and the Toronto and Montreal Premium Outlets®.

"Al has provided great leadership and commitment to Calloway REIT during his tenure," said Mitchell Goldhar, a Calloway Trustee and Chief Executive Officer and owner of SmartCentres Group of Companies. "He and his team have built Calloway into a consistent performing investment and market leading owner and operator of new retail formats across Canada. We wish him and his family our very best and thank him for his invaluable contribution. We welcome the steady hand of Huw Thomas, who is not only a known leader within Calloway, but also within our industry."

About Calloway

Calloway is one of Canada's largest real estate investment trusts with an enterprise value of approximately $6.5 billion. It owns and manages approximately 26 million square feet in 113 value-oriented retail centres having leading national and regional retailers, as well as strong neighbourhood merchants. Calloway's vision is to provide a value-oriented shopping experience to Canadian consumers. For more information on Calloway, visit [ www.callowayreit.com ].

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