OAK BROOK, Ill., Oct. 25, 2016 /PRNewswire/ -- Retail Properties of America, Inc. (NYSE: RPAI or the "Company") announced today that Robert G. Gifford, former president and chief executive officer of AIG Global Real Estate, has been appointed to RPAI's Board of Directors.
Mr. Gifford has broad experience in real estate investments and major development projects across various market sectors. Mr. Gifford joined AIG Global Real Estate as President and Chief Executive Officer one year after the U.S. Government took an equity interest in AIG. In this role, Mr. Gifford executed on both the wind-down of $20 billion of legacy real estate assets under management, including retail and mixed-use development projects and the subsequent strategic rebuilding of their real estate investment platform, committing over $2.5 billion of equity to $7.5 billion of new real estate projects, with a focus on development and value-add acquisitions.
Prior to joining AIG Global Real Estate, Mr. Gifford was a Principal with AEW Capital Management, L.P. (AEW) where he led a team in creating and implementing an opportunistic investment strategy targeting value-add real estate acquisitions and development, including retail and mixed-use properties. Additionally, while at AEW, Mr. Gifford's capital markets experience included the structuring and marketing of specialized REIT funds and leading a $2 billion recapitalization of a super-regional shopping center portfolio. Currently, Mr. Gifford serves as a Director of Lehman Brothers Holding Inc. and is an active member of the Urban Land Institute where he formerly served as Council Vice-Chair.
"RPAI's Board of Directors continues to transform in connection with our tremendous progress against our strategic plan," stated Steven Grimes, president and chief executive officer. "With our recently announced intent to complete the execution of our strategic plan by the end of 2018 and to create value through redevelopment opportunities, Mr. Gifford's extensive background in real estate and years of experience in creating strategic growth opportunities will serve to benefit the Company as we further enhance the long-term value proposition for our shareholders."
Retail Properties of America, Inc. is a REIT and is one of the largest owners and operators of high quality, strategically located shopping centers in the United States. As of June 30, 2016, the Company owned 185 retail operating properties representing 28.1 million square feet. The Company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the Company is available at www.rpai.com.
AVP, PR & Communications
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SOURCE Retail Properties of America, Inc.