Allied Properties will bid farewell to Wayne L. Jacobs, executive vice-president of acquisitions and asset management, who has decided to leave Allied to work with a Vancouver-based private equity firm.

“Wayne has been my close friend and business partner for 23 years,” said Michael Emory, president and chief executive officer of Allied. “Since joining forces in 1992, we built a business that initially served private investors and, since Allied’s IPO in 2003, has served public investors. The business we built has grown steadily over time and has served its investors very well.”

Jacobs will remain with Allied for a period of time to help in the transition of his responsibilities.

With Jacob’s departure comes new promotions. Tyrone Bowers, managing director of leasing, will assume the position of vice-president of acquisitions. In addition, Sarah Jane O’Shea, director of acquisitions and asset management, will become vice-president of asset management.

“Tyrone and Sarah Jane have long been recognized as future leaders at Allied,” added Emory. “I’m delighted to see each of them take a major step forward today in that regard and have every confidence they’ll continue to serve Allied and its unitholders exceptionally well.”