Investa Property Group today announced it will implement its leadership succession plan, appointing Campbell Hanan as Chief Executive Officer (CEO) of Investa Office and Cameron Holt, CEO of Investa Land.
Effective October 1st 2013, Scott MacDonald, Chairman and CEO of the Group will step down as CEO, remaining as Chairman of the Boards of Investa Property Group (IPG), Investa Office, Investa Land and a Board member of the listed trust, Investa Office Fund (IOF).
Mr MacDonald said: “After a comprehensive restructuring of the company and its balance sheet over the last five years, Investa is well positioned for the future. Now is the right time to move forward with our succession plan.”
When Mr MacDonald arrived in Australia in 2008, Investa had over $5 billion of debt and a staff of almost 700. Since then, the company has exited a number of non-core activities and streamlined to focus on two main businesses – one that owns and operates Australian office buildings and one that develops land.
“Over the past five years Investa has paid down almost $2.5 billion of debt through a combination of retained cash flow, asset sales and equity. We have done a lot of things and have changed almost every aspect of the company and have been very successful. Investa is now a very streamlined, very focused organisation.
Campbell Hanan, currently Group Executive at Investa, has been with the company for more than nine years. In his role as board member and CEO of the Office company, Mr Hanan will oversee more than $7 billion worth of office assets, 180 staff and more than $4.5 billion in funds under management. The office group incorporates IOF with $2.6 billion in assets under management and unlisted fund, Investa Commercial Property Fund (ICPF), with almost $2 billion in assets under management.
Mr Hanan said: “Under Scott’s stewardship, Investa has successfully restructured its operations to focus on its core capabilities, resulting in two separate, specialist business units which focus on office and land.
In the office business, our property and funds management platform has been decentralised, with activities and reporting lines now structured around our tenants and investors. This new structure empowers our people to provide the highest service levels in the industry, while continuing to deliver outperformance against key financial and environmental benchmarks.”
As CEO and Board member of the Land group, current Group Executive Cameron Holt who has been with Investa for over 6 years, will oversee a land development pipeline value of more than $3 billion, incorporating more than 10,000 residential lots and over 550 hectares of industrial land, located in Queensland, New South Wales, Victoria and Western Australia.
Mr Holt said: “The Group’s organisational change provides a clear direction for the land business. It presents the opportunity to leverage the skills of a highly experienced development team and continue our track record of maximising returns, from a geographically diversified land portfolio.
We will continue to retain our end to end property capability and remain focused on delivering vibrant and sustainable residential and industrial developments.”
Group Chief Financial Officer, Ming Long and Group Executive and Head of Corporate Development Jonathan Callaghan have been appointed Joint Managing Directors of IPG. Both will sit on the Board and be responsible for overseeing cross-platform activities including group financing and corporate transactions.
Ms Long said: “On behalf of the Board and all staff, I would like to thank Scott for leading the organisation through a time of considerable market turbulence and change. Investa moves forward in a position of great strength as a result.
We look forward to Scott’s experience continuing to guide the organisation in his ongoing role as Chairman of the Group.”