Daniel Gilbert Resigns from Colony NorthStar and Non-Traded REITs

Daniel Gilbert has resigned from publicly-traded equity REIT Colony NorthStar Inc. (NYSE:CLNS), and its sponsored retail companies effective January 11th, according to a filing with the Securities and Exchange Commission. The company said that his decision to resign was not a result of any disagreement with the companies.

Gilbert is managing director, head of retail platform at Colony NorthStar Inc. and is responsible for all aspects of the retail business including capital raising, product development, investment and portfolio management. He serves as chairman of the board, as well as either the chief executive officer or executive chairman for all of Colony NorthStar’s retail companies.

Prior to the Colony NorthStar merger in January 2017, Gilbert served in a number of C-suite roles for NorthStar Asset Management Group and NorthStar Realty Finance Corp. Since the inception of those companies, most recently as both company’s chief investment and operating Officer.

To fill the vacancies left by Gilbert’s resignation, Kevin Traenkle was appointed chairman of the board chief executive officer, and president of non-traded REITs NorthStar Real Estate Income I and NorthStar Real Estate Income II. In addition, the board of NorthStar Healthcare Income appointed Robert Gatenio as executive chairman of the board and Ronald Jeanneault as vice chairman.

Traenkle is the executive vice president and chief investment officer of Colony NorthStar, and is the former executive director and chief investment officer for one of its predecessors, Colony Capital Inc.

Traenkle is also expected to be the chief executive officer of Colony NorthStar Credit Real Estate Inc., which is expected to be the surviving company in the recently announced merger of NorthStar Income with NorthStar Real Estate Income II Inc. and a select portfolio of assets of the Colony NorthStar. Stockholders will vote on the proposed transaction next month.

Gatenio is the vice chairman of the board of NorthStar Healthcare and has been a managing director and co-head of U.S. investment management of Colony NorthStar since January 2017. He previously served as a managing director and co-head of investments of NorthStar Asset Management Group Inc., a predecessor of Colony NorthStar, and as a managing director of NorthStar Realty Finance Corp.

Jeanneault is chief executive officer and president of NorthStar Healthcare and managing director of Colony NorthStar. He previously served as the REIT’s executive vice president and head of asset management. Jeanneault is the former executive vice president of NorthStar Asset Management.

In other company news, Colony NorthStar recently signed a non-binding agreement with S2K Financial Holdings LLC to merge Colony NorthStar’s broker-dealer, NorthStar Securities, with S2K to create a new broker-dealer retail distribution business named Colony S2K Holdings LLC.

Colony NorthStar resulted from the January 2017 merger between Colony Capital Inc., NorthStar Asset Management Group Inc., and NorthStar Realty Finance Corp. The company currently has assets under management of $57 billion and manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, non-traded and traded real estate investment trusts and registered investment companies.

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