Jean Kam Named CEO at Mapletree Logistics Trust, Succeeding Ng Kiat

The manager of Mapletree Logistics Trust has tapped the Singapore-listed REIT’s head of investment, Jean Kam, to serve as the next CEO.

Kam succeeds Ng Kiat, who is stepping down on 22 July to assume new responsibilities at sponsor Mapletree Investments, according to a filing with the Singapore Exchange. Ng is also resigning as executive director, with Kam set to fill the role as she joins the MLT board.

The changing of the guard comes after the $9.8 billion trust posted a 2.5 percent year-on-year drop in distribution per unit for the fourth quarter, as high interest costs and weak regional currencies continued to hurt financial performance.

“We will stay vigilant and nimble in navigating these challenges, while driving our portfolio rejuvenation strategy to strengthen MLT’s resilience,” Ng said last month.

Moving on Up

In her current role, Kam is responsible for sourcing and evaluating acquisition opportunities for MLT, including markets where the REIT lacks a presence. Previously she oversaw the operational and asset performance of MLT’s portfolio of properties across eight markets.

Before joining the trust’s manager in 2007, Kam spent a decade at Singapore’s JTC Corporation as a deputy manager working on development, marketing and lease management for the industrial planning agency.

Ng began her Mapletree career in 2007 after five years managing private equity investments for state holding firm Temasek, Mapletree’s owner. Earlier she served as a vice president at Temasek-controlled CapitaLand, where she led real estate investment and cross-border M&A activity in Southeast Asia and Europe.

Ng studied at the Imperial College of Science and Technology at the University of London, earning a master’s degree in aeronautical engineering.

Southeast Asia Expansion

MLT most recently announced plans to buy a warehouse in Malaysia and a pair of logistics assets in Vietnam for a total of S$234 million ($174 million), as the trust continues to expand its Southeast Asia portfolio.

Spanning a combined net lettable area of 249,340 square metres (2.7 million square feet), MLT is acquiring the trio of projects at an initial net property income yield of 6.2 percent as the REIT turns to emerging markets for growth and diversity.

“Strategically located in logistics hubs serving the growing consumption bases in Kuala Lumpur, Ho Chi Minh City and Hanoi, these acquisitions position our portfolio to capture emerging Asia’s growth potential,” Ng said in February.