Link REIT Hires Former BlackRock Real Estate Chief John Saunders as Group CIO

Asia’s largest real estate investment trust has replenished its investment leadership with Hong Kong-listed Link REIT announcing today that it has hired former BlackRock Asia Pacific real estate boss John Saunders as group chief investment officer — a newly created role.

Saunders, who left BlackRock earlier this month after a decade running real estate in the region for the world’s largest asset manager, will be taking responsibility for Link REIT’s overall investment strategy and portfolio management, as well was for strategic development of the trust’s investment business, according to an announcement today. The hire comes as the trust continues to diversify its portfolio and expand its roster of capital partners under its “Link 3.0” strategy

“We are delighted to welcome John, who brings with him a wealth of experience and industry know-how, to the Link family. The appointment will enhance the scope and capacity of our management team and will strengthen our capability as we search for new growth avenues and sustainable returns for unitholders under the Link 3.0 strategy,” Link REIT chief executive George Hongchoy said.

Relocating to Hong Kong for the new role, Saunders is due to start work from 4 March, after Link REIT’s former chief investment officer for strategic investment, Kenny Lam, rejoined Manulife Investment Management in the city during early October.

Regional Veteran

Reporting to Hongchoy, Saunders will be expected to leverage his more than three decades of real estate investment experience as Link REIT continues to diversify its holdings beyond its home base in Hong Kong.

At BlackRock, Saunders was global head of the firm’s real estate client division, as well as head of Asia Pacific real estate. Based in Singapore, the graduate of London’s University College of Estate Management also sat on BlackRock’s global executive committee for real estate and was a voting member of the company’s real estate global investment committee.

In Asia the fellow of the Royal Institution of Chartered Surveyors was sole portfolio manager for BlackRock’s Asia Value Add Fund Series, as well as managing the company’s Asia Core Fund I.

Saunders joined BlackRock through its 2013 acquisition of Aussie fund manager MGPA, where he had served as chief executive for Asia and portfolio manager of their Asian property fund series. Prior to his stint with MGPA, Saunders served as head of real estate for Asia with CLSA until 2008 and also has previous experience with Hongkong Land.

Expanding Overseas Portfolio

Link REIT is bringing on board its new CIO following Lam’s departure from the trust after just over a year on the job to return to a Manulife IM team which he had left in June 2022.

The Hong Kong-listed trust has seen its equity drop nearly 25 percent this year in a tough year for REITs and following a $2.4 billion rights issue in February. Link REIT reported 11.3 percent revenue growth in the first six months of 2023 compared to the same period last year and its unit price jumped nearly 7.5 percent in the past five days.

Under its Link 3.0 strategy the trust has been working to expand its portfolio beyond Greater China, with the trust now holding 12 retail and office assets in Singapore, Australia, and the UK.

Those assets contributed to the trust’s rising top line this year, with the segment’s revenue and net property income both tripling this year following Link REIT’s acquisition of a portfolio of Singapore retail assets in December of last year.