Seritage Growth Properties Appoints Three New Members to Its Board of Trustees | Ezine Daddy

Ms. Nevo-Hacohen, Mr. Sabshon and Mr. Wilsmann
Everyone brings decades of experience and relevant expertise to the table

NEW YORK, April 28, 2022–(BUSINESS WIRE)–Seritage Growth Properties (NYSE:SRG) (the “Company” or “Seritage”), a nationwide owner and developer of 170 residential, retail and mixed-use properties, today announced the appointment of Talya Nevo announces -Hacohen, Mitchell Sabshon and Mark Wilsmann to its board of trustees effective immediately.

These appointments follow the Seritage Board’s previously announced intention to identify additional trustee candidates to further enhance the Board’s investment and transaction experience:

  • Ms. Nevo-Hacohen is EVP and Chief Investment Officer and Treasurer of Sabra Health Care REIT, Inc., a leading owner and operator of healthcare real estate in the United States and Canada. Since joining Sabra in 2010, Ms. Nevo-Hacohen has overseen investments totaling $6.0 billion and most recently played a key role in establishing a joint venture between Sabra and Sienna Senior Living to acquire 11 senior living communities $243 million.

  • Mr. Sabshon is CEO and President of Inland Real Estate Investment Corporation and CEO of several related unlisted REITs, including: Inland Real Estate Income Trust, Inc., a multi-tenant retail REIT; InPoint Commercial Real Estate Income, Inc., a commercial mortgage REIT; and MH Ventures Fund II, Inc., a privately held prefabricated community REIT.

  • Mr. Wilsmann served as Managing Director and Head of Equity Investments for MetLife Investment Management – Real Estate. Mr. Wilsmann helped build MetLife’s $32 billion direct investment platform, which he and his team invested on behalf of the MetLife General Account and institutional investors including public and private pension funds, sovereign wealth funds and insurance companies.

“Talya, Mitchell and Mark are accomplished real estate professionals and we are pleased to welcome them to the Seritage Board of Directors,” said Andrea Olshan, Chief Executive Officer of Seritage Growth Properties. “They all have extensive experience leading investment platforms across all real estate sectors and significant expertise in executing complex transactions. We look forward to capitalizing on this wealth of knowledge as we continue our process to unlock the compelling value of the Seritage portfolio for the benefit of shareholders. “

Seritage also announced that Trustees David Fawer and Thomas Steinberg have resigned from Seritage’s Board of Directors with the appointment of Ms. Nevo-Hacohen, Mr. Sabshon and Mr. Wilsmann. Following these changes, the Seritage Board now consists of eight members, seven of whom are independent.

“On behalf of the entire Board, I would like to express my sincere gratitude to David and Tom for their contributions to Seritage,” continued Ms. Olshan. “It has been a pleasure working with them during my tenure as CEO.”

About Talya Nevo-Hacohen
Ms. Nevo-Hacohen has served as EVP, Chief Investment Officer and Treasurer of Sabra Health Care REIT, Inc. since November 2010. From September 2006 to August 2008 and from February 2009 to November 2010, Ms. Nevo-Hacohen acted as a consultant to private real estate developers and operators in relation to real estate acquisitions and disposals, corporate capitalization, and raising equity and debt capital . Previously, Ms. Nevo-Hacohen was a Managing Director at Cerberus Real Estate Capital Management, LLC. From 2003 to 2006, Ms. Nevo-Hacohen served as Senior Vice President – ​​Capital Markets and Treasurer for HCP, Inc., a healthcare REIT. Prior to HCP, Ms. Nevo-Hacohen spent 10 years at Goldman, Sachs & Co., where she served as vice president of investment banking and finance, operations and administration.

About Mitchell Sabshon
Mr. Sabshon is Chief Executive Officer and President of Inland Real Estate Investment Corporation, where he leads the execution of Inland’s long-term business strategy. Mr. Sabshon is also the Chief Executive Officer of Inland Real Estate Income Trust, Inc., a listed unlisted multi-tenant retail REIT, and InPoint Commercial Real Estate Income, Inc., a listed unlisted commercial mortgage REIT , and MH Ventures Fund II, Inc., a privately held community REIT for manufactured homes. He previously served as EVP and Chief Operating Officer at Cole Real Estate Investments. Prior to that, he spent nearly 10 years at Goldman, Sachs & Co. in a variety of leadership roles, including President and CEO of Goldman Sachs Commercial Mortgage Capital. He also served as senior vice president in Lehman Brothers’ real estate investment banking group. Prior to joining Lehman Brothers, Mr. Sabshon was an attorney in the Corporate and Real Estate Structured Finance practice of Skadden, Arps, Slate, Meagher & Flom LLP in New York.

About Markus Wilsmann
Mr. Wilsmann spent 31 years in real estate at MetLife Investment Management, including positions in asset management, acquisitions, mortgage lending, portfolio management, regional operations and merger integration. Most recently he was Managing Director and Head of Equity Investments. He assumed this role in 2012 to help build MetLife’s $32 billion direct real estate investment platform and on behalf of the MetLife General Account and institutional investors, including public and private pension funds, sovereign wealth funds and insurance companies, through VCs to invest and managed accounts. He also oversaw more than $7 billion in foundational development investments in residential, industrial, office, retail, life sciences, data centers and hotels. Between 2003 and 2012, Wilsmann ran MetLife’s commercial mortgage lending business, directed product design, pricing and lending activities, and served as chairman of the investment committee.

About the growth characteristics of Seritage
Seritage is principally engaged in the ownership, development, redevelopment, management, sale and leasing of diversified and mixed-use properties throughout the United States. As of December 31, 2021, the Company’s portfolio consisted of interests in 162 properties with approximately 19.2 million square feet of gross leasable area or planable area (approximately 17.2 million units), of which approximately 3.9 million are held by unconsolidated companies units (approximately 1.9 million in interest), approximately 600 acres held for or under development and approximately 9.4 million square feet of GLA or approximately 800 acres to be divested.

Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements address expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar statements regarding matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking words such as “may”, “should”, “expects”, “intends”, “plans”, “anticipates”, “believes”, “”. Estimates”, “forecasts” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions or indications of future events or trends and are not related solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, which could cause actual results to differ materially from those projected in the forward-looking statements. Factors that could cause or contribute to such differences include, among others: declines in retail, real estate and general economic conditions; competition and related challenges in the real estate and retail industries and the ability of the Company’s top tenants to conduct their businesses successfully; failure to achieve anticipated occupancy and/or rental levels within the forecast time frame or at all; the Company’s historic involvement with Sears Holdings and the impact of its previously announced bankruptcy filing; the lawsuit against the company and other defendants in the Sears Holdings adversarial litigation pending in the bankruptcy court; risks associated with redevelopment activities and the potential acquisition or sale of real estate; the process and results of the Company’s review of strategic alternatives; the impact of continued negative operating cash flow on the Company’s ability to fund operations and ongoing development; contingencies at the start of the lease under leases; environmental, health, safety and land use laws and regulations; the terms of the company’s indebtedness and the availability of sources of liquidity; possible acts of war, terrorist activity or other acts of violence or cybersecurity interests; the Company’s relatively limited history as an operating company and; the impact of the COVID-19 pandemic on the Company’s tenant and business operations, income, cash flows, results of operations, financial condition, liquidity, prospects, ability to service the Company’s debt obligations and ability to Dividends and other distributions are paid to shareholders. For more information about these and other applicable risks, assumptions and uncertainties, please see the “Risk Factors” and forward-looking statements contained in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for The fiscal year ended December 31, 2021. Although the company believes that its forecasts and assumptions are reasonable, the company cautions that actual results may differ materially. The Company intends that the forward-looking statements speak only as of the date they are made and does not undertake any obligation to update or revise them as additional information becomes available, except as required by law.

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contacts

Investor:
Seritage growth traits
Investor Relations
(212) 355-7800

Media:
Jon Keehner and Andrew Siegel
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

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