Pacific Oak Strategic Opportunity REIT Announces New Independent Director
LOS ANGELES, September 10, 2021 / PRNewswire / – Pacific Oak Strategic Opportunity REIT, Inc. today announced that the board has elected Laurent Degryse sit on the board of directors as an independent director, September 2, 2021.
Mr. Degryse fills a vacant position on the board of directors following the resignation of Eric smith, a member of the board of directors of the company since 2009. Smith informed the company that he was stepping down from the board effective September 1, 2021.
With these changes, the board remains composed of five directors, three of whom are independent. Degryse was also appointed to the conflicts committee of the board of directors and to its audit committee.
Mr. Degryse was previously an independent director of Pacific Oak Strategic Opportunity REIT II, ââInc., and brings to the board more than 20 years of experience in the real estate development industry. For the past six years, he has been self-employed and engaged in real estate development and private equity activities as a partner of American Discovery Capital.
Mr. Degryse founded Urbis Development, a real estate development company located in Luxembourg, and was its managing director until it created a joint venture with another real estate company, Herpain SA, and became Herpain Urbis. He then held managerial positions at various Herpain Urbis companies involved in real estate development and construction for office, residential and commercial real estate in Belgium. It also manages its own portfolio of investments in Europe, Asia and United States.
“We are delighted to welcome Laurent to the Board of Directors of Pacific Oak Strategic Opportunity REIT,” said Peter McMillan, Chairman of the Board and President of Pacific Oak Strategic Opportunity REIT. âMr. Degryse’s professional and personal experience in the ownership and management of real estate in Belgium provides insight and perspective on our investment portfolio and our focus on European investment opportunities. ”
“On behalf of the board of directors and the management team of the company, I would like to express our sincere thanks to Eric for his invaluable leadership and the tremendous contributions he has made during his years of service” , McMillan continued.
About Pacific Oak Strategic Opportunity REIT
Pacific Oak Strategic Opportunity REIT, Inc. is an unlisted public company headquartered in Los Angeles, California, which elected to be taxed and which currently qualifies as a real estate investment trust. The REIT invests in opportunistic real estate and other real estate related investments and manages a portfolio valued at over $ 2 billion1 comprised primarily of office, apartment, single-family rental housing and hotel assets.
1 Reflect the december 2020 net asset value (âNAVâ) for real estate and investments in unconsolidated joint ventures, adjusted for subsequent acquisitions and disposals, increased by the value at June 30, 2021 for equity securities, for portfolio investments at June 30, 2021 The value has been adjusted for the company’s share in consolidated and non-consolidated joint ventures. For more information, see the Company’s current report on Form 8-K filed with the United States Securities and Exchange Commission (the âSECâ) on December 10, 2020.
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SOURCE Pacific Oak Strategic Opportunity REIT, Inc.