Property firm appoints new CEO

chadstoneGrant Kelley will succeed Angus McNaughton as CEO and managing director of property firm Vicinity Centres.

Peter Hay, chairman of Vicinity Centres today announced the appointment, with a planned commencement date of 1 January 2018.

Kelley will replace McNaughton, who recently advised Vicinity board of his intention to retire later this year, after serving in the role since August 2015.

“Grant’s diverse global background including real estate investment, corporate strategy, funds management and private equity spans close to three decades, through to his most recent role running one of Asia’s larger independent listed diversified property companies,” said Hay.

Kelley has over 25 years of global experience in real estate investment, corporate strategy, funds management and private equity, most recently serving as City Development Limited’s CEO in 2014. Prior to this, he was the co-head of Asia Pacific for Apollo Global Management, and also led their real estate investment activities in the region. In 2008, Kelley founded Holdfast Capital Limited, an Asian-based real estate investment firm, which was acquired by Apollo in 2010. From 2004 to 2008, Kelley was the CEO of Colony Capital Asia where he guided the strategic planning, acquisition and asset management activities in Asia. From 2002 to 2004, he was based in New York, where he was a principal at Colony with responsibility for the identification of US and European investment opportunities

Vicinity said transition planning is underway, with Kelley visiting Australia in the coming months.

His total fixed remuneration including super will be $1.5m a year, plus up to $1.5m in short-term incentives and $1.875m in long-term incentives, with a $2m sign-on grant.

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