Just under a month after the sudden resignation of its chief executive, the manager of Singapore-listed OUE Commercial REIT has found a new pilot for the S$2.39 billion ($1.75 billion listed trust, according to an announcement Monday evening.
The owner of One Raffles Place and the Mandarin Orchard Singapore named BNP Paribas Real Estate executive Han Khim Siew as its new chief executive officer and executive director starting from 7 February.
Han will be replacing outgoing chief Tan Shu Lin, who is set to step down next week to “pursue other opportunities” after leading the company for eight years, including overseeing the trust’s merger with OUE Hospitality Trust in 2019.
OUE C-REIT’s selection of Han as its new chief is the latest personnel change in Singapore’s REIT sector, as Keppel REIT and AIMS APAC REIT have also named new bosses since August of this year.
Real Estate Investment Veteran Tapped
As he prepares to take over management of OUE C-REIT’s S$5.8 billion ($4.25 billion) portfolio of commercial and hospitality assets in Singapore and Shanghai, Han brings with him 26 years of industry experience across Asia Pacific, including serving as BNP Paribas Real Estate’s co-head for the region since March of this year.
“Khim Siew brings to OUE C-REIT his wealth of experience in real estate investment to lead our next phase of growth,” said Lee Yi Shyan, chairman of the trust’s manager. “The board looks forward to working closely with Khim Siew to build on OUE C-REIT’s solid foundation so as to deliver long-term sustainable growth in returns for Unitholders.”
As he takes on the top job at the trust backed by OUE Group, a listed developer controlled by Indonesia’s Riady family, Han brings with him 26 years of industry experience across Asia Pacific to help him manage the REIT’s S$5.8 billion ($4.25 billion) portfolio of commercial and hospitality assets in Singapore and Shanghai.
Prior to taking on this latest role, the London School of Economics and Political Science graduate climbed up the ranks at BNP Paribas Real Estate after joining the French firm as a director in 2013.
The 47-year-old led over $3 billion of investments into Europe during his stay at BNP Paribas Real Estate, with the Paris-based firm having just last month closed on an additional EUR 300 million ($337.91 million) for its diversified core regional fund.
Han also served as Jones Lang LaSalle’s head of investment for Indonesia for five years starting 2008, following a stint in a Jakarta-focused private equity fund and prior experience in finance positions with the Brunei government.
During the transition period, OUE C-REIT said its chief financial officer Lionel Chua will be handling strategic and operational matters in the company. In the third quarter the trust reported a 17 percent year on year drop in net property income, with much of that slide attributed to a drop in income following its sale of a 50 percent stake in its OUE Bayfront property to Allianz Real Estate in January.
With Han taking over at OUE Commercial REIT, Singapore investors may be hoping that the appointment brings to a close a recent spat of turnover at the city’s top listed property trusts.
Keppel REIT in late August announced that chief executive Paul Tham was headed for the exit at age 39, with AIMS APAC REIT revealing just two weeks later that its CEO, Wee Lih Koh, was also headed for a new opportunity.
Wee was soon revealed as the new head of Keppel REIT’s manager, while AIMS APAC REIT promoted its head of investors relations to the chief executive role.