Canada
People & Companies News for Week Ending August 16, 2024
- The Canada Pension Plan Investment Board has promoted Caitlin Gubbels to senior managing director and global head of private equity. She will join the pension fund operator’s senior management team. Her promotion will take effect in October when she takes over from Suyi Kim, who is leaving the organization after 17 years to pursue other opportunities. Gubbels joined Toronto-based CPPIB in 2010 and has most recently served as managing director and head of funds, leading the private-equity funds business. Prior to joining CPPIB, she worked at CIBC World Markets in Toronto as an investment banker.
- Trez Capital has relocated its western U.S. originations operations to Phoenix. The relocation supports the Vancouver-based firm’s $1.1-billion loan commitments in the Phoenix market and aligns with regional growth and business development, said Trez. In addition, Clive Millar, a company vice-president and global head of asset management, has moved to Dallas from the Vancouver office. Millar’s move is designed to strengthen oversight of projects across the U.S. Sunbelt, improving management of construction, bridge loans and equity investments.
- QuadReal is hosting summer portrait sessions at its Oakridge Park development on Vancouver’s west side. Visitors can get their pictures taken from Friday to Sunday and September 1-2. The photograph sessions will benefit the BC Children’s Hospital Foundation. Oakridge Park is the new name for the former Oakridge shopping centre, which QuadReal and Westbank are redeveloping as part of a five-year project that includes an overhaul of the retail component and the construction of a number of multi-residential buildings. The project has sparked many new commercial real estate ventures, including multi-family developments, in the Oakridge neighbourhood.
- The Public Sector Pension Investment Board (PSP) has announced that senior vice-president and chief financial and risk officer Jean-François Bureau intends to retire. He will remain in his C-suite post until December 31. From January 1 until March 31, 2025, he will serve as a senior advisor to the president and CEO and continue to serve as CFO of Canada Growth Fund Investment Management until its financial statements for the fiscal year ending in December 2024 are approved. PSP plans to name a successor for Bureau before he departments to allow for a seamless transition financial reporting activities. Bureau joined PSP in 2010 chief risk officer and assumed the added responsibility of CFO in 2020. He has also been involved in the CFA Institute and chaired its standards of practice council. After spending almost four decades in the financial industry, he plans to spend more time with his family and pursue new passion projects.
- Charles Pellerin has been appointed to Slate Office REIT’s board. He is the principal partner and president of Pellerin Potvin Gagnon, one of the largest independent accounting firms in Quebec. Pellerin joined the firm in 1998, became partner in 2003 and was promoted to president in 2006. His specialties include mandates of assurance, counselling, management, financing, acquisition, and sale of business and audit engagements for several manufacturing companies and distributors. He is also the owner of several privately owned manufacturing businesses and owns residential, commercial, and industrial properties throughout Quebec. Since 2014, he has served as the executive chairman of TerraVest, which acquired one of his manufacturing companies. As Connect reported previously, a battle has erupted among three other Slate Office REIT board members: Brady Welch, his brother Blair and George Armoyan. The Welches are the principals of the Toronto-based REIT’s external manager, Slate Asset Management. They have have accused Armoyan of inappropriately bidding for the trust’s assets as it faces insolvency, the Globe and Mail reported. Armoyan has denied the allegations.
- Greystar has appointed John Wilbeck as head of the company’s Canadian business. Charleston, S.C.-based Greystar is a global leader in the investment, development, and management of high-quality rental housing. Based in Vancouver, Wilbeck has been tasked with expanding Greystar’s development and market presence in Canada, says the company. He is also responsible for ensuring the successful execution of business strategies and practices that meet the firm’s financial, investment, and operational objectives. Wilbeck joined Greystar in 2021 and has overseen the company’s expansion into Canada and and development projects across the country. He previously he served as a managing director at Hines, where he was responsible for sourcing and executing development projects in Western Canada. He led the development activities on approximately 1,000 units and about one million square feet of office space development.
- Canadian Apartment Properties REIT has appointed David Wesik to its board. Wesik is the president and founder of Vancouver-based Third Space. Prior to launching Third Space, he served as executive vice-president with Vancouver-based Wesgroup Properties, one of Western Canada’s largest privately owned real estate companies. As a member of Wesgroup’s leadership team, he was active in creating and implementing company strategy with a focus on acquisitions, development, asset management and finance. Wesik has about 15 years of residential and commercial real estate industry experience in Metro Vancouver. During his career, he has negotiated more than $1 billion in transactions and worked on about 40 development projects.
- Empire Company has appointed Vivek Sood to Crombie REIT’s board. Born in Uganda and raised in Crombie’s hometown of Pictou County, N.S., Sood has spent the last 25 years of his career with Empire and Sobeys, where he held various senior positions, including vice-president of finance and Administration, senior VP of the pharmacy group and executive vice-president of related businesses. Prior to retiring in July 2024, He was also the executive sponsor of Empire’s diversity, equity, and inclusion strategy, as well as for the firm’s enterprise resource planning initiative. He was appointed to the REIT’s board under an Empire subsidiary’s right to appoint up to four trustees. Crombie ranks among Canada’s largest real estate owners, developers and operators. The REIT’s portfolio primarily includes grocery-anchored retail, retail-related industrial, and mixed-use residential properties.
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