For the past five years, Gilman has been senior portfoliomanager of ABP Investments US, Inc., the US subsidiary of theDutch-based civil service pension fund company that is believed tobe the largest of its kind in the world. At ABP Investments US,Gilman managed an $8-billion portfolio of publicly traded realestate securities that were diversified across all property typesectors, Starwood Capital officials say.

Commenting on the launch of Starwood Capital Group's new realestate securities venture, chairman and CEO Barry Sternlicht says,"For many years, I have suggested to institutions that a viablereal estate strategy should utilize the liquid REIT market toproduce core returns and, to achieve higher returns, they shouldfocus on opportunity funds which can acquire, develop, andstructure higher risk reward offerings. Over the long run,successful REIT investing depends upon the same in-depthunderstanding of real estate fundamentals and the interplay betweenreal estate and capital markets."

Sternlicht adds that the launch of the new firm is"complementary to and a logical extension of our traditional realestate opportunity fund business." Starwood Capital is a privatelyheld investment management firm that specializes in real estateinvestments. Since its founding in 1991, the firm has acquired adiversified real estate portfolio that totals more than $7.5billion in assets.