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14 January 2000
Sheryl Pressler Named Chief Executive Officer of Lend Lease's United States Real Estate Investment Operations; Calpers CIO to Further Broaden and Enhance Capabilities of U.S. Organization
New York -- (January 14, 1999) -- Lend Lease Real Estate Investments, Inc., one of the largest US institutional investment managers of real estate and mortgage assets, announced today that Sheryl K. Pressler has been named Chief Executive Officer effective in March. Pressler, who joins Lend Lease from her post as Chief Investment Officer of the US$168 billion California Public Employees Retirement System (CalPERS), will focus on extending and executing the organization's strategic plan of broadening and enhancing its capabilities in the US. She succeeds Matthew Banks, who will now focus his responsibilities on growing Lend Lease Real Estate Investments' activities outside of the US and broadening the company's capital advisory business. Banks becomes Chief Executive Officer, Lend Lease Real Estate Investments - International.
David Higgins, Managing Director of Lend Lease Corporation Limited (ASX: LLC) said: "Sheryl Pressler brings a proven track record of performance across all asset classes as well as superb leadership skills and a demonstrated ability to manage organizational and cultural change. Under her leadership, Lend Lease will be strongly positioned for continued growth in the rapidly changing financial services marketplace and to provide superior client solutions focusing on performance. Matthew Banks has done an outstanding job in building our US business and will now turn his attention to our worldwide operations."
Since 1994, Pressler has managed the holdings of CalPERS, the nation's largest public pension fund. She was responsible for developing and implementing strategies for overall asset allocation, public and private equity, fixed income and real estate investments. She led the restructuring of CalPERS' US$8 billion real estate portfolio, which includes apartments, office, warehouse, retail, REITs, and specialized programs, such as housing and timber.
During her nearly six years at CalPERS, assets doubled, member financial security was strengthened, and benefits were significantly increased to members. The fund moved from a median to top quartile performer in the Trust Comparison Services universe. Pressler received the 1999 Robert Toigo Award from the Institute for Fiduciary Education in recognition of her contributions to the pension and investment industry. Prior to joining CalPERS, Pressler managed the pension and savings funds for McDonnell Douglas Corporation. She has an MBA in Finance from Washington University and a BA in Philosophy from Webster University.
Pressler said: "Lend Lease has built a strong platform in the US and I'm excited to be taking the helm of this recognized industry leader. Clearly, the real estate market today is compelling for investors and I firmly believe there are significant opportunities to add value in this sector through active management, superior customer service and innovative product offerings. I look forward to leading a company which has assembled all the right components for today's marketplace."
Pressler's appointment follows Lend Lease Real Estate Investments' acquisition in November of Boston Financial, a major multifamily investment management company, and the announced purchase in December of five mortgage-debt related businesses from AMRESCO, Inc., scheduled to close by the end of March. In the United States, Lend Lease Real Estate Investments, which is a subsidiary of Lend Lease Corporation, has US$31 billion in real estate and mortgages under management for about 500 institutional and private clients. Worldwide, the company operates on five continents, and has approximately $37 billion in real estate and mortgages under management. The AMRESCO acquisitions will increase Lend Lease Real Estate Investments' total assets under management to US$37 billion in the US and US$43 billion worldwide. The company manages core, enhanced and global real estate funds, as well as mortgage, CMBS and REIT stock portfolios. Its services include acquisitions, sales, financing, mortgage origination, capital advisory, tax credit investing, development and agri-business investments.
Banks has been Chief Executive of Lend Lease Real Estate Investments, Inc. since 1997. He had been instrumental in negotiating the Lend Lease acquisition of Equitable Real Estate Investment Management and the merging of Equitable Real Estate with the Yarmouth Group, as well as the recent Boston Financial and AMRESCO acquisitions. "I look forward to working with Sheryl Pressler on ensuring a smooth transition of responsibilities over the next several months," Banks said. "Going forward, I plan to concentrate my activities on expanding our investment management organization in Europe, Asia and South America commensurate with what we've done in the US, and on further developing our capital advisory operations in the US and worldwide," he said.
Pressler will be based in Atlanta, while Banks will remain in New York. Pressler and Banks will each report to Lend Lease Corporation Managing Director David Higgins.
Lend Lease Real Estate Investments is a subsidiary of Lend Lease Corporation, an international real estate and financial services group listed on the Australian Stock Exchange. In addition to real estate investments, the Lend Lease Group operates in the areas of property development, project management and construction, and financial services. Financial services activities include funds management, life insurance, and wealth protection. The Lend Lease Group operates on five continents and currently has total funds under management and administration of US$56.3 billion. Lend Lease Corporation's market capitalization is approximately US$6 billion. For more information visit Lend Lease Real Estate Investments' website at www.lendleaserei.com.media | stock exchange
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