6 June 2013 — Investa Property Group has appointed Campbell Hanan as chief executive officer of Investa Office, and Cameron Holt as chief executive officer of Investa Land.
On 1 October chairman and chief executive officer Scott MacDonald will step down as CEO, but remain as chairman of the boards of Investa Property Group, Investa Office and Investa Land, and a board member of the listed trust, Investa Office Fund.
Mr MacDonald said after a comprehensive restructuring of the company and its balance sheet over the past five years, Investa was well positioned for the future.
When Mr MacDonald arrived in Australia in 2008, Investa had more than $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,” Mr McDonald said.
“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, with almost $2 billion in assets under management.
As CEO and board member of the Land group, current group executive Cameron Holt, who has been with Investa for more than six 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 in Queensland, New South Wales, Victoria and Western Australia.
Meanwhile, group chief financial officer Ming Long and Group executive and head of corporate development Jonathan Callaghan have been appointed joint managing directors of IPG.