Calan CEO planning for growth in midst of ING takeover

Miles Wentworth

Miles Wentworth, chief executive of Calan Healthcare Properties Trust, spent part of last year working on a deal to sell properties to a large Australian institution. Then, in January, rival ING Property Trust went on the expansion trail with Calan in its sights. A Ferrier Hodgson report has valued Calan higher than ING's offer. Wentworth has been the man in the hot seat as events unfold.

Did you always envisage yourself as the CEO of a medical landlord?

I have always aspired to seeking roles that continually challenge. With a bit of luck, hard work and proving myself, the role of chief executive at Calan was offered to me in May 2003. What's been the best thing about being CEO at Calan?

Directly influencing the restoration and growth in the value of the total returns of my investors.

The worst?

The biggest challenge has been to convince analysts, institutional investors, unit holders, financial advisers and media that we had restructured the entity to that of medium return, low-risk investment and that value has been restored. My personal mantra is under-promise and over-deliver. What we have said we would do, we have done.

What has it been like for you in the midst of ING's takeover announcements?

For the team, it has been a huge volume of work in a very tight response timeframe. To have a takeover notice served on you involves a massive amount of work and long hours, with the possibility of no job at the end of it. For me it is about seeing all my investors receive full value.

What are your long-term plans for Calan?

To provide a growing niche health property investment that delivers to investors seeking a medium-return / low-risk investment profile with a portfolio that has investment grade assets, high-quality tenants and the vast majority of leases tied to the consumer price index.

What did you do before going to Calan?

Just under 10 years ago I was the finance manager and part of the management team of Union Maritime Services. Union Maritime was one of New Zealand's largest shipping agencies with a network of 12 branches here and a number of entities in Tonga.

What's your background?

I am an accountant, having graduated from Otago University with a Bachelor in Commerce majoring in accounting. I spent a short time as an auditor and then moved through various finance- related roles in the commercial sector.