AURORA, CANADA-As MI Development, the firm handling the real estate interests of Magna International Inc., readies for transformation to a real estate investment trust, the company has hired a new CEO. Tom Heslip has replaced Bill Lenehan, who had served as interim CEO.

Heslip was formerly the SVP of portfolio management for Toronto-based GWL Realty Advisors, and before that had served as president and CEO of Realex Properties Corp. until that firm’s sale to Dundee Real Estate Investment Trust in February. A GWL representative did not return a request for comment on Heslip’s new position.

Lenehan will continue to work as a consultant to Heslip on the company’s new transition plan that Lenehan helped arrange, a plan that was announced in late October. The new plan includes converting the corporation to a REIT, increasing the quarterly dividend to 50 cents per share, fortifying the firm’s relationship with Magna while also seeking other property, and increasing leverage to 40% to 50% of total capital.