Dream Unlimited has created and named executives for a new business arm, Dream Equity Partners, an asset management business for private real estate clients.
Rahul Idnani was hired as president, moving from his role as global COO for Nuveen Real Estate, which has $127 billion of assets under management. At Nuveen, Idnani oversaw $90 billion of AUM across various property types.
Previously, he held senior leadership positions at TIAA and was instrumental in the acquisition of Nuveen Investments and the build-out of its global real assets platform.
In addition, just weeks after joining Dream as president of asset management, Jane Gavan was also named executive chair of Dream Equity Partners.
“I am very pleased to expand our asset management business focus to investing private capital in real estate,” Gavan said in a release. “Rahul is a great addition to our team with his deep knowledge of the business and his global relationships.”
Cyr to retire from BTB REIT
BTB REIT (BTB.UN-T) has announced vice-president and CFO Benoit Cyr will retire in September after more than 13 years of service.
“Benoit greatly contributed to the growth of BTB. When he joined BTB, we were four employees and our portfolio barely consisted of six properties with a market value of less than $50 million,” said president and CEO Michel Leonard in a release.
“He was an effective and valued collaborator and an important player in our sustained growth, as today our market value ranges above the $900-million mark.”
Cyr joined BTB in 2007, shortly after the REIT’S first public offering. He participated in acquisitions and ensured the integration of BTB’s portfolio and directed financing, refinancing, co-ordinated more than 20 public issues, and built its financial team.
“After more than 42 years of a professional career rich of well-accomplished and diverse experiences, I wish to slow down and enjoy a new chapter of my life in an active, but calmer fashion,” Cyr said in a release.
“I am truly proud of my accomplishments at BTB and to see the trust reach nearly a billion dollars of assets.”
Marthieu Bolté has assumed the roles of vice-president and CFO, working closely with Cyr until his retirement. Bolté was most recently executive vice-president and CFO at Ivanhoé Cambridge, where he led the financial operations including financial performance, accounting, cash flow and asset valuation.
In 2014, he was the executive finance director for Group Exito and from 2003 to 2014, CFO of GE Capital Americas.
Tricon realigns executive team
Tricon, which is in the final stages of its transformation into a rental housing company, has announced a realignment of roles within its C-suite.
The senior executives reporting directly to CEO and president Gary Berman are as follows: Wissam Francis, executive vice-president and chief financial officer; Jonathan Ellenzweig is promoted to chief investment officer; Kevin Baldridge is promoted to chief operating officer; David Veneziano, chief legal officer; and Sherrie Suski is promoted to chief people officer.
Tricon is in the process of changing its name to Tricon Residential Inc. It will become one unified company, eliminating the parent/subsidiary model.
Turnbull moves to Harrison Street Canada
Jonathan Turnbull is the new managing director and head of Canadian transactions and business development at international investor Harrison Street Real Estate Capital LLC.
Turnbull brings almost three decades of experience with him to Harrison Street, most recently as managing partner at Alignvest Student Housing for the past two-and-a-half years.
He started his career with Salomon Group / Salomon Smith Barney / CitiGroup, holding a number of positions over a 20-year period in London and New York.
During the past decade, he has also spent time at Lazard, Goodwood Inc., before founding Dundee Private Equity, later adding the role of CEO of Dundee Acquisition.
Turnbull is a graduate of the University of Western Ontario.
Cipollone moves to MCAN as VP, CFO
MCAN Mortgage Corporation has hired Floriana Cipollone as its new vice-president and chief financial officer. She has 30 years of progressive business experience, including over 20 years as a senior finance executive for public companies.
Cipollone most recently served as the CFO of Plaza Retail REIT. She graduated from the University of Toronto and holds a CPA CA designation.
CEO Karen Weaver is handling the CFO responsibilities until Cipollone joins the company on June 1.
Fasken promoted at Slate
Slate Asset Management has promoted Katie Fasken to managing director of investor relations in its Toronto office. She will be responsible for leading the firm’s capital raising and investor relations efforts.
“Katie is a terrific leader of our international fundraising efforts across Slate’s Canadian Opportunity, European Real Estate, institutional separate accounts and publicly traded REIT platforms,” said Blair Welch, founding partner of Slate, in a release.
Fasken joined Slate in January 2016. Prior to arriving at the firm, she held roles on the investment banking team and institutional equity sales desk at CIBC World Markets. She earned her honours business administration degree from Ivey Business School at Western University.
Stanley co-owner at Partners Global
Ian Stanley has become a principal and co-owner at Halifax-based commercial real estate brokerage and advisory services firm Partners Global.
Stanley was a long-term partner at accounting firm Baker Tilly. He will specialize in the sale of investment-grade real estate throughout Atlantic Canada in all asset classes, in addition to playing an active role in business operations.
“Larry (Sowerby) and I had worked with Ian for years as a trusted friend and advisor. We have always had a great deal of admiration for his talent, work ethic and enthusiasm for real estate,” said Brian Toole, principal of Partners Global, in a release.
Over the last 20 years as a CPA, CA Stanley has built knowledge of the finance and business processes that underpin the commercial property market.
Born in Australia, Stanley graduated from Queensland University of Technology in 1998 and obtained his CPA CA designation in 2000.