In his first speaking engagement and interview since leaving ProLogis in November, Schwartz tells GlobeSt.com that he remains a substantial investor in the REIT. Schwartz, a Philadelphia native and Harvard MBA graduate, joined ProLogis in 1994 when it bought the Tampa-based company he co-founded with Elmer Krauss. Schwartz led the industrial developer's global expansion on the way to being promoted to CEO in January 2005.

"I thought the world was in better condition than it turned out to be. I thought there was a greater degree of decoupling than there turned out to be," Schwartz says. "I didn't expect Korea to get hit as hard as it has, or India or Japan. I never even expected Russia to get pummeled."

Schwartz is supportive of ProLogis' pending sale of US properties in the current down cycle. "There are multiple ways to raise liquidity, but clearly they have some smart people there," he says. "I had a great team there and they are going to make good decisions."

In his new venture with GIC, Schwartz anticipates growing beyond its $7-billion initial investment: "We start out as one of the 25 largest private real estate companies in the world, and a business that is focused on the arenas of the world that will outperform over the next several years," he says. "I've got great people and a great partner working with me."

As treasurer of the Real Estate Roundtable, Schwartz says he believes the expansion of TALF to include AAA-rated CMBS under the Treasury Department's newly unveiled Financial Stability Plan is "a good kick start. If you start getting confidence back into the market, it will help a lot."