Stockland Managing Director Matthew Quinn, said “Streamlining our operations allows us to leverage synergies, economies of scale and knowledge transfer across our business to ensure we continue to deliver quality returns for our investors.”
“These changes will deliver improved collaboration and create greater consistency in our investment decisions by asset class, further strengthening our ability to achieve our strategic growth initiatives.”
Stockland’s Office & Industrial and Retail businesses will merge to create a single platform managing all three asset classes. This new business unit will be called Commercial Property and will be led by John Schroder, Stockland’s current CEO Retail.
John is a key member of Stockland’s Executive Committee and has successfully driven business strategies and growth initiatives since his appointment in October 2006. John’s new leadership team, comprising key executives from the combined business units, will head this new platform under John’s management.
Capital Partners will no longer be a stand-alone operation, with the majority of the existing team being transferred into other parts of Stockland’s business. The decentralisation of Stockland’s Capital Partners business will bring Stockland’s joint venture partners closer to the company’s property professionals, allowing relationships and opportunities to be driven by the businesses and integrated into everyday operations.
“These changes will enable us to focus on delivering strategic capital partnering initiatives and joint venture relationships at both a business and product level, whilst driving out-performance from our existing portfolio,” said Mr. Quinn.
Unfortunately this results in Stockland’s existing CEO Capital Partners, Brett Newman, leaving the company. “Brett leaves with our best wishes and thanks for his contribution,” Mr. Quinn said.
“Our new business structure aligns our businesses and partnerships and coupled with our sound property skills and strong balance sheet, places us in a great position to deliver strong returns for our stakeholders” Mr. Quinn said.