LaSalle Investment Management’s chief executive in Canada is handing the job over to a Bentall Kennedy executive, the firm said Monday.
After 11 years as chief executive of LaSalle Canada, Zelick Altman is transitioning to executive chairman of LaSalle Canada, a new role. John McKinlay will take Altman’s place as chief executive starting August 9, reporting to Jason Kern, LaSalle Americas CEO.
McKinlay is joining LaSalle after almost 13 years at Bentall Kennedy, where he was most recently the executive vice president of acquisitions for Canada. Before his time at the real estate advisor, he worked in the Toronto office of GE Capital, where he was responsible for real estate asset management and transaction activity.
“I am thrilled to be joining LaSalle and look forward to working with Zelick and his outstanding team,” McKinlay said in a statement Monday. “The company’s focus on delivering superior investment performance for clients is a perfect match with my own approach to the business and will remain the top priority for us going forward.”
Altman will continue as president of the LaSalle Canada Income & Growth Funds. The firm’s latest completed fund in the value-added series, LaSalle Canadian Income & Growth Fund IV, closed in January 2015 on C$256 million ($193.3 million, €176.2 million).
“At this time in my career, I made the decision to take a step back from the day-to-day management of our business in Canada,” Altman said in a statement. “John is a talented and energetic individual who can aggressively grow our Canadian platform. Our team built the successful LaSalle Canada Income & Growth Fund series and developed a number of important separate account relationships. John’s experience in the Canadian market will allow us to build on those successes with new product initiatives and expanded client relationships. John is a great fit for LaSalle, and I look forward to working with him.”
LaSalle had about $59 billion in assets under management at the end of the first quarter, according to Monday’s statement. The firm’s most recent publicly disclosed Canadian transaction was the May purchase of The Junction, a strip mall in British Columbia. LaSalle bought the nine-building property at 32525 London Avenue in Mission for $54.2 million from two real estate investment trusts, according to real estate data provider Real Capital Analytics.