AND FINALLY

Brindle joins Stockland board

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WHILE awaiting the appointment of a successor to its outgoing chief executive and managing director, Stockland has added veteran property executive Laurence Brindle to its board.

Brindle, currently chairman of both National Storage REIT and Waypoint REIT, will take up a non-executive directorship role at Australia’s largest diversified developer.

His executive career has included 21 years with QIC, where he was a long term member of QIC’s investment strategy committee and head of global real estate where he was responsible for a $9 billion portfolio.

He has also been chairman of the Shopping Centre Council of Australia, and a director of Westfield Retail Trust and Scentre Group.

“I’m delighted to welcome Laurence to the Stockland board. Laurence has extensive experience in the property sector, funds management, finance and investment, both in his executive career and more recently as a non-executive director,” Stockland chairman, Tom Pockett said.

“Laurence’s appointment is part of our ongoing board succession program which focuses on complementing and strengthening the board’s experience and expertise and I look forward to his contribution.”

The ongoing search to replace Mark Steinert has now been going for almost five months. Steinert has been at the helm for eight years.

Stockland recorded its highest quarterly home sales result in over three years during the September quarter, owing the result to pent up demand, low interest rates, more readily available credit and government stimulus measures.

It has been seeking to restock its residential pipeline, most recently forking out $180 million for 131 hectares of land in Melbourne’s south east.

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