Hines has appointed two new chief executive officers to lead its real estate investment and development ventures across large swaths of the Americas. Steve Luthman assumes the role for Canada and the United States Midwest and Southeast, while Syl Apps takes the helm in South America.

Both of the new CEOs have been promoted from within and have a depth of experience in the Canadian market. “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,” says Jeff Hines, co-CEO of Hines.

Most recently, Luthman was a senior managing director overseeing financing, design and construction. He led the formation of two Canada-specific investment funds and was a driving force in the development of the innovative mass timber product, T3. In addition to his new South American responsibilities, Apps will continue to head up Hines’ investment business in Canada, which he previously carried out as a senior managing director.

“They’ve expanded our presence into new product categories and markets while continuously empowering employees at Hines to perform at the highest level,” says Laura Hines-Pierce co-CEO of Hines.

Hines currently has USD $12.7 billion in assets under management in Canada & U.S. Midwest and Southeast region, of which USD $3.9 billion (CAD $5.2 billion) worth are located Canada. It holds 19.2 million square feet of commercial real estate in South America, valued at 11.7 billion Brazilian real (USD $2.2 billion).

“I’m excited to explore growth across South America while building upon our success in Brazil,” Apps observes.

“It’s an honour to step into the CEO role with the ambition to drive strategy, new business, and platform growth,” Luthman concurs.