WHITEHOUSE, Ohio, May 16, 2016 /PRNewswire/ -- Devonshire REIT, Inc., a private real estate investment trust, is pleased to announce the appointment of Michael A. Carroll as CEO and member of the Board of Directors.
Michael was previously CEO of Brixmor Property Group, Inc. (BRX) where he was responsible for the overall strategic direction and execution of company objectives across its entire portfolio of community and neighborhood shopping centers encompassing over 87 million square feet of gross leasable area. He has led three separate strategic alternative undertakings that have all resulted in a successful sale or capital investment. In 2009, he spearheaded the $9.0 billion sale of Brixmor (formerly Centro Properties Group US) to The Blackstone Group and the subsequent IPO of Brixmor in 2013. By raising almost $950 million, Brixmor's was the largest retail REIT IPO in US history. During his tenure, the enterprise value of the company grew to over $14 billion.
"This is a huge step forward in Devonshire's evolution," said Chris Campbell, Devonshire REIT's current CEO and Chairman of the Board of Directors, "Michael brings almost 25 years of retail real estate experience. He has been involved in over $1.5 billion of redevelopment projects and led the largest retail REIT IPO in US history. We believe that Michael's experience along with the significant depth and breadth of his industry contacts will enable Devonshire REIT to continue its growth and improve shareholder returns."
Mike Denman, a member of the board of directors and President of Devonshire Development Group, added, "I've known Michael Carroll for over 20 years and he's a smart, insightful, decisive leader who's already an icon in the industry. I'm very excited personally, for Devonshire REIT, and for our shareholders that Michael will be joining us. He elevates our team from an "A" to an "A++."
Chris Campbell will continue in his role as Chairman of the Board of Devonshire REIT, Inc. In addition, Mr. Campbell will continue his roles as CEO and President of Devonshire REIT II, Inc.
Devonshire REIT, Inc. is a self-advised and internally managed private real estate investment trust purpose-built for fiduciaries. Since inception in 2009, the company has grown from $6M in assets under management to over $400M, and currently owns and operates 32 properties representing over 4.0 million square feet of leasable space. Devonshire REIT does not pay commissions on invested capital, nor does is take asset management fees, so every invested dollar goes to work building shareholder value. Find additional information at http://www.devreit.com.
SVP & CMO
Devonshire REIT, Inc.
10100 Waterville Street
Whitehouse, OH 43571
This is not an offer to sell or a solicitation of an offer to buy any security or to invest in Devonshire REIT, Inc. or any of its affiliates. Any information provided herein is for informational purposes only and may not be relied upon in connection with the acquisition of securities of Devonshire REIT, Inc. or any of its affiliates. Any securities of Devonshire REIT, Inc. that are offered for sale will be available only to accredited investors and will be sold to accredited investors only upon the acceptance by Devonshire REIT, Inc. of completed subscription documents from such accredited investors.
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SOURCE Devonshire REIT, Inc.