Grosvenor has announced the retirement of Chief Investment Officer Michael Beattie at the end of 2023. The responsibilities of the outgoing CIO will be distributed between Angela Biggs and Mark Purdy, both of whom will be elevated to Managing Director roles.
Having joined Grosvenor in 2000, Beattie brought extensive experience from his prior roles with a private developer and Colliers International in Calgary, Alberta. Since 2011, he has been at the helm of all Investment property transactions and the company’s Investment portfolio across North America. Under his guidance, the investment team has seen assets under management grow to represent CAD$3.7 billion, generating $930 million in cash since 2010.
Michael Beattie's notable achievements include successfully forging a partnership between Grosvenor and two significant institutional investors. This collaboration aimed at acquiring income-producing properties and enhancing value through physical improvements and leasing strategies. Over the span of the 10-year program, the partnership acquired and disposed of $718 million in assets, comprising 2,650 multifamily homes and 375,000 sq. ft. of commercial space. This initiative generated a total sales value of $965 million for Grosvenor and its partners.
Upon Michael’s retirement on January 1, 2024, Angela Biggs will step into the role of Managing Director, Investment, where she will take charge of the company’s acquisitions and dispositions. Simultaneously, Mark Purdy will assume the position of Managing Director, Asset Management, overseeing all asset management activities throughout the North American portfolio and spearheading sustainability efforts to achieve the firm’s carbon reduction goals. Currently serving as Senior Vice Presidents of Investment in the company’s San Francisco office, both Angela Biggs and Mark Purdy will be instrumental in these key leadership roles.
Source: Grosvenor
