The chief investment officer of Canada’s largest apartment real estate investment trust is set to depart as CAPREIT restructures its portfolio.
Julian Schonfeldt, who became CAPREIT’s first chief investment officer when he joined the company four years ago, is scheduled to leave April 30, the REIT said. During his tenure, Schonfeldt has overseen more than $6 billion in strategic transactions.
The company has not announced a successor or when Schonfeldt might be replaced.
“It is with sincere gratitude that we announce Julian’s departure, after several years of exceptional service,” CAPREIT President and CEO Mark Kenney said in a statement. “Julian has significantly advanced our strategic goals, and we celebrate his contributions while wishing him continued success in his future endeavours.”
The company has been making a concerted effort to sell its older inventory and purchase newer, modern apartment complexes to enhance and diversify its Canadian portfolio.
"By strategically trading lower-performing assets for premium properties in high-demand locations, we’re enhancing the quality of our portfolio and positioning CAPREIT for long-term growth," Kenney said late last year.
Schonfeldt has played a key role in CAPREIT’s acquisitions, dispositions, capital allocation decisions, development and investor relations during his tenure.
Before joining CAPREIT in 2022, Schonfeldt had been advising the REIT while serving as managing director of RBC Capital Markets’ real estate group, where his responsibilities included equity and debt capital market transactions, mergers and acquisitions, strategic advisory assignments and the valuation of major assets and portfolios at the investment bank.
As of Sept. 30, CAPREIT’s portfolio contained approximately 45,000 apartment suites and townhomes across Canada and, to a lesser extent, the Netherlands, worth an estimated $14.5 billion.