NEW YORK CITY-W.P. Carey, the investment management company that recently announced it will be taking its non-traded real estate REIT on the public markets, announced two key promotions in an effort to expand and diversify its global investments and acquisitions.
Jason Fox, an executive in W.P. Carey’s investment department, has been appointed as co-head of global investments along with partner Gino Sabatini, the firm’s managing director and co-head of domestic investments. In their new roles, Fox will oversee the firm’s international acquisitions activities in Europe and Asia, while Sabatini will oversee North American acquisitions in the US and Canada, the New York-based firm says in a statement.
At the same time of the new appointments, departing the company is head of European investments H. Cabot Lodge III, who is moving on to start his own advisory business. W.P. Carey’s European team will continue to be led on the ground by senior investment officers Jeffrey LeFleur, Jennifer Lucas and Arvi Luoma.
The personnel changes have taken place shortly after W.P. Carey announced it would acquire Corporate Property Associates 15 and convert it to REIT status , but both are still subject to regulatory and shareholder approval. Following the merger, the company’s real estate portfolio will go from 14 million square feet to 43 million square feet, which will be leased to 135 companies worldwide. It will have a total equity market capitalization of approximately $3 billion, and a total market capitalization of $5 billion.
Trevor Bond, president and CEO of W.P. Carey, says that with the promotions, the company is aiming to expand its international investment strategy beyond Europe to other global markets. ”Consolidating our regional acquisitions teams under a single management structure will allow us to achieve this goal,” he says in a statement, noting that both Fox and Sabatini have “effectively co-managed” the company’s domestic teams and will be instrumental in WP’s increased international focus.
“The worldwide application of Gino and Jason’s knowledge of the sale-leaseback business and the disciplined investment process that distinguishes W.P. Carey from other investors is a tremendous asset for the company, its shareholders and the investors in our non-traded REITs,” Bond adds.
Fox and Sabatini weren't immediately available for comment.
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