May 22, 2009 (FinancialWire) — BRE Properties, Inc. (NYSE: BRE) said that its chairman, Robert A. Fiddaman, has retired from the company’s board and that Irving F. Lyons III has been appointed to replace him as chairman.

The company said that the transition follows a board succession plan that was implemented in 2004 to ensure an orderly transition as board members reach their term limits. Fiddeman spent 11 years on the BRE board.

Fiddaman joined the board of directors in 1998 and was appointed chairman in 2006. He currently serves as president and director of Calistoga Affordable Housing, a non-profit organization in Calistoga, California.

Lyons is the former vice chairman and chief investment officer of ProLogis, a real estate investment trust, for which he served from 1993 to 2006. He joined BRE’s board of directors in 2006.

San Francisco, California-based BRE Properties owns and operates 73 apartment communities totaling 21,480 units in California, Arizona and Washington.

The company invests in communities through acquisition and development, and currently has seven properties in various stages of development and construction, totaling 2,043 units, and joint venture interests in 13 additional apartment communities, totaling 4,080 units.

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