OAK BROOK, Ill., Oct. 25, 2016 /PRNewswire/ -- Retail
Properties of America, Inc. (NYSE: RPAI or the "Company") announced
today that Robert G. Gifford, former
president and chief executive officer of AIG Global Real Estate,
has been appointed to RPAI's Board of Directors.
Mr. Gifford has broad experience in real estate investments and
major development projects across various market sectors. Mr.
Gifford joined AIG Global Real Estate as President and Chief
Executive Officer one year after the U.S. Government took an equity
interest in AIG. In this role, Mr. Gifford executed on both the
wind-down of $20 billion of legacy
real estate assets under management, including retail and mixed-use
development projects and the subsequent strategic rebuilding of
their real estate investment platform, committing over $2.5 billion of equity to $7.5 billion of new real estate projects, with a
focus on development and value-add acquisitions.
Prior to joining AIG Global Real Estate, Mr. Gifford was a
Principal with AEW Capital Management, L.P. (AEW) where he led a
team in creating and implementing an opportunistic investment
strategy targeting value-add real estate acquisitions and
development, including retail and mixed-use properties.
Additionally, while at AEW, Mr. Gifford's capital markets
experience included the structuring and marketing of specialized
REIT funds and leading a $2 billion
recapitalization of a super-regional shopping center portfolio.
Currently, Mr. Gifford serves as a Director of Lehman Brothers
Holding Inc. and is an active member of the Urban Land Institute
where he formerly served as Council Vice-Chair.
"RPAI's Board of Directors continues to transform in connection
with our tremendous progress against our strategic plan," stated
Steven Grimes, president and chief
executive officer. "With our recently announced intent to complete
the execution of our strategic plan by the end of 2018 and to
create value through redevelopment opportunities, Mr. Gifford's
extensive background in real estate and years of experience in
creating strategic growth opportunities will serve to benefit the
Company as we further enhance the long-term value proposition for
our shareholders."
About RPAI
Retail Properties of America, Inc. is a REIT and is one of the
largest owners and operators of high quality, strategically located
shopping centers in the United
States. As of June 30, 2016,
the Company owned 185 retail operating properties representing 28.1
million square feet. The Company is publicly traded on the New York
Stock Exchange under the ticker symbol RPAI. Additional information
about the Company is available at www.rpai.com.
Media Contact:
Kimberly Freely
AVP, PR & Communications
630-634-4319
freely@rpai.com
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SOURCE Retail Properties of America, Inc.