Starting next Monday, Developers Diversified Realty (DDR) will turn to Mark Bratt for investment strategy decisions and ways to bolster client relationships when the former executive director at Morgan Stanley Real Estate takes over as the firm’s new executive VP and CIO.
The Beachwood, Ohio-based “self administered and self managed [Real Estate Investment Trust] REIT” announced today that Bratt would assume the role effective July 12.
In addition to directing the company’s “Prime Portfolio,” Bratt will be responsible for initiating relationships with new institutional capital partners, and will work to further advance relationships with existing partners, the July 6 press release said.
Previously, David Oakes, Developers Diversified senior executive VP and CFO, held the CIO position when he joined the firm in April 2007. He was promoted to the lead financial role in February, a firm spokesperson told IMW.
Developers Diversified President and CEO Daniel Hurwitz stated that Bratt is a tremendous addition due to his “vast knowledge of our business and impressive reputation within the institutional capital market.”
Prior to his Morgan Stanley appointment, Bratt was a principal of acquisitions for Lend Lease Real Estate Investments, a director of asset management for Amresco Advisors, and VP for Prentiss Properties, the release stated.
Currently, Developers Diversified directs roughly 640 properties in 44 states, Brazil, Canada and Puerto Rico.