Digital Core REIT Names Digital Realty APAC Boss Serene Nah as Chair

The manager of SGX-listed Digital Core REIT has appointed Serene Nah, Asia Pacific chief of its sponsor, Digital Realty, as its new chairman, according to a stock exchange announcement last week.

Nah’s appointment took effect from 12 February and gives her authority for steering the trust’s regional expansion. The trust’s manager portrayed the appointment as underscoring Digital Realty’s commitment to Digital Core REIT’s long-term success and to accelerating growth across Asia Pacific.

“APAC is at the forefront of global digital transformation trends, and we are well-positioned to harness this immense potential,” Nah said. “I look forward to working together with the Board and the management team to drive sustainable growth, strengthen our regional presence and enhance value for our stakeholders.”

Digital Core REIT’s units have climbed more than five percent on the Singapore exchange since the leadership change was announced, closing on Friday at S$0.56 each. However, the stock remains 51 percent below its December 2021 IPO price.

Parental Support

“We are confident that Digital Realty’s strong support will enable us to leverage favorable market fundamentals and advance our leadership across the global digital infrastructure landscape,” Digital Core REIT Management chief executive John J Stewart said in the statement.

Nah, who has led Digital Realty’s APAC business as managing director since January 2023, joined the board of Digital Core REIT Management Pte Ltd, the trust’s manager, as a non-executive director in October 2023.

She took the helm of Digital Core REIT from David Lucey, who had served as chairman since October 2023. A US-based senior vice president for investment and government affairs at Digital Realty, Lucey will continue to serve as a non-independent director of the REIT’s manager.

The trust’s manager said Nah will also be appointed as a member of the board’s nominating and corporate governance committee.

Before joining Digital Realty, Nah served as executive director and chief financial officer of Kerry Properties. She also spent eight years at tech-focused private equity firm Silverlake Partners, where she rose to head of portfolio management for Asia.

Growing Portfolio

Digital Core REIT currently has stakes in 10 data centres, including eight in North America, one in Germany and another in Osaka, with the trust’s portfolio valued at $1.62 billion as of end-December 2024.

Two months ago, Digital Core REIT took a majority stake in a Digital Realty data centre in Frankfurt by acquiring an additional 15.1 percent interest for €71 million ($74.01 million), that deal came after the REIT had purchased a 24.9 percent stake in the same facility in April last year.

In March 2024, the trust acquired an additional 10 percent interest in a Digital Realty data centre in Osaka for JPY 7.8 billion, adding to an initial 10 percent stake it had purchased the previous year.

The acquisitions last year were not enough to grow the trust’s 2024 gross revenue, which totaled $102.3 million for the full year, down 0.3 percent from 2023, according to its financial report disclosed on Wednesday. The trust’s net property income also declined by 1.9 percent year-over-year.