Grosvenor Appoints Michael Ward as Head of Structured Development
Vancouver, BC – Grosvenor has announced Michael Ward as the new Managing Director for its Structured Development Finance (SDF) Programme. With a remarkable legacy of over 70 years in property ownership and development, Grosvenor is optimistic about this leadership change as it aims to strengthen its investment footprint in urban real estate across North America.
Michael Ward: A Wealth of Experience in Property Development
Michael brings over 20 years of extensive experience in property development, having played a crucial role in 14 notable mixed-use and residential projects across different regions. His collaborations with leading Canadian pension funds and affluent individuals have made him a distinguished figure in the industry. Prior to this new position, he was pivotal in steering Grosvenor’s Vancouver development program, which now boasts an impressive valuation of CAD$5.3 billion.
Insights from Leadership
Jamie Delmotte, the Chief Co-Investment Officer for Grosvenor’s North American property division, commented on Michael’s new role, praising his expertise, industry connections, and market knowledge as vital for the future success of the SDF Programme. Delmotte pointed out that Michael's promotion reflects Grosvenor's dedication to developing in-house talent.
Michael Ward’s Goals for the Programme
Sharing his excitement for this new position, Michael said, "Leading this vital business line is a perfect match for my background in development. I’m eager to work alongside our developer partners to deliver exceptional properties and ensure we exceed our partners' return expectations." His leadership is set to elevate Grosvenor's benchmarks in property development across strategic markets.
Growing Development Experience
Michael's journey with Grosvenor kicked off in 2002, right after he completed an internship. Throughout his career, he has held significant roles within the firm's offices in Washington, D.C., and Calgary. Returning to Vancouver in 2014 enabled him to grow the development team and lead prominent projects like Grosvenor Ambleside and Connaught, further enhancing the company's presence in the market.
The SDF Programme: A Strategic Venture
The Structured Development Finance Programme is currently securing investments from both Grosvenor and partners for its fourth round of the True North partnership. This strategy is designed to leverage market dislocations in key gateway areas. The Programme emphasizes partnership opportunities for constructing dynamic mixed-use developments, apartments, condominiums, and townhomes in places like Vancouver, Toronto, California, Washington, D.C., and Seattle.
Tackling Urban Housing Issues
Established nearly 25 years ago, the SDF Programme was created to address the urgent lack of quality urban infill housing in major cities across the US and Canada. Since 2000, it has successfully funded 79 residential development projects, resulting in over 9,500 residential units. With more than $625 million lent out to date, Grosvenor's SDF projects have amassed an impressive cumulative development value of $5 billion.
A Diverse and Skilled Team
In his new role, Michael will oversee a talented team of seven professionals spread across Grosvenor’s offices in Vancouver, San Francisco, and Washington, D.C. His academic background from the University of British Columbia, together with his active involvement in the Urban Land Institute (ULI), highlights his dedication to the real estate sector. Furthermore, he has earned recognition as one of Business in Vancouver's 40 Under Forty, showcasing his professional achievements.
About Grosvenor
Grosvenor has been active in North America since 1952, focusing on vibrant urban sites and positively impacting local communities. At the end of the most recent financial cycle, Grosvenor’s assets under management were valued at approximately $3.8 billion (US), or $5.0 billion (C$), alongside a robust development pipeline worth about $4.9 billion (US) or $6.5 billion (C$). The firm prides itself on developing enduring partnerships, with relationships with its nine active capital partners averaging 18 years.
Frequently Asked Questions
Who is Michael Ward?
Michael Ward is the newly appointed Managing Director for Grosvenor’s Structured Development Finance Programme, bringing over 20 years of property development experience to the role.
What is the Structured Development Finance Programme?
The SDF Programme is Grosvenor's initiative designed to provide capital to residential developers focused on new construction in major urban centers.
What are some of Michael Ward's notable achievements at Grosvenor?
Michael has successfully overseen significant projects and played a crucial role in expanding Grosvenor's Vancouver operations, boosting its market presence.
How long has Grosvenor operated in the real estate sector?
Grosvenor has been engaged in real estate in North America since 1952, with an emphasis on urban development and community enhancement.
What are the current asset management figures for Grosvenor?
As of the latest update, Grosvenor manages about $3.8 billion in assets across North America, with a development pipeline valued at around $4.9 billion.
