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.

Anthony LoPinto, global sector leader for real estate at New York City-based Korn Ferry, conducted the executive search for Heslip. “Our Real Estate Practice continues to expand its support of the boards of public and private companies globally as they focus on management changes and strategic initiatives,” LoPinto tells GlobeSt.com. “We expect that this trend will accelerate as markets continue to adjust to the challenging and changing, yet opportunistic, economic landscape. “ LoPinto’s Executive Watch column appears weekly in GlobeSt.com.

Instant Insights /

MI Hires New CEO, Readies for REIT Conversion

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