Provincia Property Fund today announced the appointment of Malcolm McDougall, a founding director of Property For Industry, to the Board.
Property For Industry (PFI) is now an NZX 50 listed property investor with a market capitalisation of over $1.3 billion.
McDougall is an experienced company director, chairman of Villa Maria Estate Ltd, and director of several other companies.
In conjunction with McDougall’s appointment, Carl Burling stepped down from the Board and was appointed CEO of Provincia.
Burling describes the changes to the board as part of an exciting evolution of the fund as it continues to grow and improve the security and return to investors.
The fund currently owns seven industrial properties valued at $50 million.
Provincia asset manager Jack Revill, who is in charge of identifying acquisition targets and managing the fund’s properties, is excited about McDougall’s appointment.
“Malcolm helped grow PFI into a listed company worth over $1.3 billion and I’m looking forward to tapping into his expertise to grow Provincia the same way.”
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