Canada's largest healthcare real estate investment trust is bringing in a new chief executive officer to run the company with a portfolio of 169 properties after a period of strategic review.
Toronto-based Northwest Healthcare Properties, the owner of 15.8 million square feet of gross leasable area throughout major markets in North America, Brazil, Europe and Australasia, said Zachary Vaughan will take over on July 2 from retiring CEO Craig Mitchell.
Vaughan is a real estate executive with international experience and a track record in operational and strategic roles. Prior to becoming the head of real estate at Arrow Global, his career spanned several positions at now New York-based Brookfield, including managing partner and head of European real estate, head of multifamily investments, and chief executive of Brookfield REIT. His career also includes time at CPP Investment Board, and International Property Corp./Reichmann International.
Bobby Julien, non-executive chair of the REIT, said Vaughan will be able to build on the foundation Mitchell created by bringing "proven leadership" to Northwest.
Mitchell's planned retirement was announced six months ago. He joined Northwest Properties seven years ago and became CEO in August 2023, when the REIT was undergoing the review, resulting in the REIT selling a number of assets to pay down debt.
The REIT's units, which had dropped to under $4 at one point, now trade for about $5 but were once valued at almost $15.
Vaughan will relocate full-time to Toronto following a transition from his current role at Arrow Global, where he remains a non-executive director.
"We have a tremendous opportunity with our property portfolio and capabilities to deliver meaningful value to our investors," said Vaughan in a statement.