Lincoln Property Company Commercial is expanding its business in the U.S. and overseas following a strategic investment by Connecticut-based Stone Point Capital.
The Dallas-based company’s growth and succession plan also includes the appointment of two new co-CEOs, David Binswanger and Clay Duvall, according to a press release.
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The pair succeeds Lincoln founder and Chairman Mack Pogue and CEO and President Bill Duvall, both of whom will remain part-owners of the company. Greg Courtwright will continue as Lincoln’s chief operating officer, per the release.
“We’re delighted to have a world-class partner in Stone Point Capital to help drive transformational growth,” Binswanger said in a statement. “With our current team’s expertise and Stone Point’s network and capital markets success, we will build upon an incredibly strong platform that is nearly 60 years in the making.”
The amount of Stone Point’s investment was not disclosed, but the company said it will enable Lincoln to invest in new infrastructure while adding more industrial, mixed-use, office, retail, production studio and life sciences properties to its portfolio in the U.S., UK and Europe.
It also plans to expand its real estate investment management services, the company reported.
“We believe Lincoln is well positioned to take advantage of opportunities in the current challenging commercial real estate environment,” Stone Point Capital Managing Director Agha Khan said in the statement.
“We expect that Lincoln’s local market knowledge and on-the-ground operating expertise will be in strong demand from owners, investors, lenders, and tenants seeking to transform existing properties or develop new properties.”
Lincoln was founded in 1965 as an apartment developer before expanding into commercial real estate in the late 1970s. Today, the company manages 275M SF of real estate on behalf of third-party institutional clients. In recent years, it has acquired more than $22B of commercial projects, per the release.
CORRECTION, FEB. 8, 9:16 A.M. CT: A previous version of this story misspelled Mack Pogue. It has been updated.
