Big Queensland institutional investor, QIC Limited has appointed a New York-based real estate investment expert to its board.
The company announced this week it had appointed Queensland-born, Professor Patrice Derrington as a non-executive director.
Confirming the appointment, QIC chair, Don Luke said the company believed it would benefit from Professor Derrington’s extensive real estate investment experience, including directorships and executive positions at JP Morgan Chase, Lower Manhattan Development Corporation and Victory Capital Management.
“Professor Derrington also brings on-the-ground Australian experience, most recently as chief executive of Penrith Lakes Development Corporation and previously as CEO of Campus Living Villages,” he said.
QIC chief executive, Damien Frawley welcomed the appointment and said Derrington would help to drive the strategy of the Global Real Estate division of QIC, which recently announced the acquisition of the interests of its joint venture partner, Forest City Enterprises, in a portfolio of 10 US regional shopping malls.
“This portfolio is valued at approximately USD$3.175 billion and we are also expanding its operational presence in the US and transferring Forest City’s mall operating platform and key retail personnel to QIC,” he said.
In addition to Derrington’s appointment, QIC announced that Paul Gallagher had been reappointed to the QIC Board, while Grant Murdoch had retired from the board after serving since November, 2011.