Annaly expands commercial real estate investment team
Annaly Capital Management (NLY) expanded the investment team at its Fixed Income Discount Advisory unit Thursday to drive origination and manage the global equity real estate portfolio at CreXus Investment (CXS). The advisory unit is a real estate investment trust, which manages CreXus. Gordon DuGan was named head of equity commercial real estate investments. As a more than 20-year veteran of the industry, DuGan most recently served as president and chief executive officer of W.P. Carey, a real estate investment company with $10 billion of assets under management. DuGan will be working with Benjamin Harris, who serves as head of U.S. net lease investments. Harris is the former head of U.S. investments at W.P. Carey. Alistair Calvert also joined Annaly as head of non-U.S. net lease investments at the advisory unit. He previously served as head of global net lease business at UK-based D.B. Zwirn. "Their experience, relationships and track record in the real estate business, particularly the triple-net lease industry, will give us the ability to take advantage of a greater array of opportunities in this evolving market landscape," said Michael Farrell, chairman, CEO and president of Annaly. Annaly also promoted Robert Karner and Robert Restrick. Karner was named global head of debt investments for CreXus, while Restrick was named chief operating officer of CreXus. Write to Christine Ricciardi.