(HOUSTON) – Hines, the global real estate investment, development, and property manager, is pleased to announce that Steve Luthman has been promoted to chief executive officer of the U.S. Midwest and Southeast regions and Canada, and Syl Apps has been promoted to chief executive officer of the South America region. They are now responsible for all development, acquisition, asset management, and operations activity in their respective regions.
“Steve and Syl have each made significant impacts on the firm during their careers and have demonstrated invaluable skills that drive our teams, projects, and operations forward,” said Jeff Hines, co-CEO of Hines. “We are confident that our business will continue to accelerate and thrive under Steve and Syl’s leadership.”
“Steve and Syl’s leadership has been instrumental to our business and they’ve contributed to our firm’s inclusive and supportive culture,” said Laura Hines-Pierce, co-CEO of Hines. “They’ve expanded our presence into new product categories and markets while continuously empowering employees at Hines to perform at the highest level.”
Since joining Hines in 2005, Steve has contributed to the development, acquisition, financing, marketing, and disposition of more than 33 million square feet of commercial real estate in the Midwest, Southeast, and Canada. He led the capital formation for two Canada-specific discretionary investment vehicles comprising nearly C$3 billion of investment capital and led the firm’s transformation task force responsible for concepting flagship discretionary fund formation. Additionally, he created and spearheaded Hines’ innovative, mass timber product, T3, which now has 26 projects either completed, underway, or in conception totaling 5 million square feet globally.
“It’s an honor to step into the CEO role with the ambition to drive strategy, new business, and platform growth,” said Steve Luthman, CEO of the U.S. Midwest and Southeast regions and Canada at Hines. “Together with our strong teams across the regions, we’re focused on investing in new product line expansion to further distinguish our mixed-use offering and leading the continued convergence of product types, all of which is underpinned by our dedication to ESG principles.”
Hines currently has $5.7 billion assets under management in the Midwest region, $3.1 billion assets under management in the Southeast region, and $3.9 billion assets under management in Canada.
Syl Apps joined Hines in 2015 and has been responsible for the origination, capitalization, and execution of over C$1.3 billion of projects in Canada. He has also served as an investment partner for the Hines Brazil team since 2018, overseeing the equity capital formation of more than R$1.8 billion, including several investment vehicles. In addition to his new CEO position, Syl will continue to lead the firm’s investment business in Canada.
“As Hines celebrates its 25th anniversary in Brazil this year, it’s an opportune time to continue to build on the platform by integrating our deep local market presence with our global expertise,” said Syl Apps, CEO of the South America region at Hines. “I’m excited to explore growth across South America while building upon our success in Brazil. Our focus will be on diversifying our investor base to capitalize on existing projects and aligning with Brazil’s leadership on ESG in our march to net zero across our portfolio by 2040.”
Hines South America currently has R$11.7 billion assets under management and oversees 19.2 million square feet of real estate across residential, office, industrial and mixed-use assets.
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 28 countries. We manage a $92.3B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 634 properties totaling over 225 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2022.