Company Press Release
January 14, 2000
NEW YORK, NY -- Lend Lease Real Estate Investments, Inc., one of the largest U.S. institutional investment managers
of real estate and mortgage assets, announced today that Sheryl K. Pressler has been named Chief Executive Officer
effective in March. Pressler, who joins Lend Lease from her post as Chief Investment Officer of the US$168 billion
California Public Employees Retirement System (CalPERS), will focus on extending and executing the organization's
strategic plan of broadening and enhancing its capabilities in the U.S. She succeeds Matthew Banks, who will now
focus his responsibilities on growing Lend Lease Real Estate Investments' activities outside of the U.S. and broadening
the company's capital advisory business. Banks becomes Chief Executive Officer, Lend Lease Real Estate Investments
- International.
David Higgins, Managing Director of Lend Lease Corporation Limited (ASX: LLC) said: ``Sheryl Pressler brings a
proven track record of performance across all asset classes as well as superb leadership skills and a demonstrated
ability to manage organizational and cultural change. Under her leadership, Lend Lease will be strongly positioned
for continued growth in the rapidly changing financial services marketplace and to provide superior client solutions
focusing on performance. Matthew Banks has done an outstanding job in building our U.S. business and will now turn
his attention to our worldwide operations.''
Since 1994, Pressler has managed the holdings of CalPERS, the nation's largest public pension fund. She was responsible
for developing and implementing strategies for overall asset allocation, public and private equity, fixed income
and real estate investments. She led the restructuring of CalPERS' US$8 billion real estate portfolio, which includes
apartments, office, warehouse, retail, REITs, and specialized programs, such as housing and timber.
During her nearly six years at CalPERS, assets doubled, member financial security was strengthened, and benefits
were significantly increased to members. The fund moved from a median to top quartile performer in the Trust Comparison
Services universe. Pressler received the 1999 Robert Toigo Award from the Institute for Fiduciary Education in
recognition of her contributions to the pension and investment industry. Prior to joining CalPERS, Pressler managed
the pension and savings funds for McDonnell Douglas Corporation. She has an MBA in Finance from Washington University
and a BA in Philosophy from Webster University.
Pressler said: ``Lend Lease has built a strong platform in the U.S. and I'm excited to be taking the helm of this
recognized industry leader. Clearly, the real estate market today is compelling for investors and I firmly believe
there are significant opportunities to add value in this sector through active management, superior customer service
and innovative product offerings. I look forward to leading a company which has assembled all the right components
for today's marketplace.''
Pressler's appointment follows Lend Lease Real Estate Investments' acquisition in November of Boston Financial,
a major multifamily investment management company, and the announced purchase in December of five mortgage-debt
related businesses from AMRESCO, Inc., scheduled to close by the end of March. In the United States, Lend Lease
Real Estate Investments, which is a subsidiary of Lend Lease Corporation, has US$31 billion in real estate and
mortgages under management for about 500 institutional and private clients. Worldwide, the company operates on
five continents, and has approximately $37 billion in real estate and mortgages under management. The AMRESCO acquisitions
will increase Lend Lease Real Estate Investments' total assets under management to US$37 billion in the U.S. and
US$43 billion worldwide. The company manages core, enhanced and global real estate funds, as well as mortgage,
CMBS and REIT stock portfolios. Its services include acquisitions, sales, financing, mortgage origination, capital
advisory, tax credit investing, development and agri-business investments.
Banks has been Chief Executive of Lend Lease Real Estate Investments, Inc. since 1997. He had been instrumental
in negotiating the Lend Lease acquisition of Equitable Real Estate Investment Management and the merging of Equitable
Real Estate with the Yarmouth Group, as well as the recent Boston Financial and AMRESCO acquisitions. ``I look
forward to working with Sheryl Pressler on ensuring a smooth transition of responsibilities over the next several
months,'' Banks said. ``Going forward, I plan to concentrate my activities on expanding our investment management
organization in Europe, Asia and South America commensurate with what we've done in the US, and on further developing
our capital advisory operations in the U.S. and worldwide,'' he said.
Pressler will be based in Atlanta, while Banks will remain in New York. Pressler and Banks will each report to
Lend Lease Corporation Managing Director David Higgins.
Lend Lease Real Estate Investments is a subsidiary of Lend Lease Corporation, an international real estate and
financial services group listed on the Australian Stock Exchange. In addition to real estate investments, the Lend
Lease Group operates in the areas of property development, project management and construction, and financial services.
Financial services activities include funds management, life insurance, and wealth protection. The Lend Lease Group
operates on five continents and currently has total funds under management and administration of US$56.3 billion.
Lend Lease Corporation's market capitalization is approximately US$6 billion. For more information visit Lend Lease
Real Estate Investments' website at www.lendleaserei.com.
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Contact:
Lend Lease Real Estate Investments Inc.
Jonathan D. Miller
212/554-1967
or
Lend Lease Corporation
Jennifer Gibb
011 61 2 9237 5953