Manulife US REIT CEO Tripp Gantt to Depart in June

Tripp Gantt is stepping down as CEO of Singapore-listed Manulife US REIT, with a veteran of asset manager DWS set to succeed him in a dual role of chief executive and chief investment officer at the loss-making office trust.

Gantt will exit the CEO role on 30 June “due to pressing family needs that require his full time and attention”, according to a Tuesday filing with the Singapore Exchange. The 54-year-old will collaborate closely with the MUST board and new management team to ensure a seamless transition, the trust’s manager said.

“The board of directors wishes to take this opportunity to thank Mr Gantt for his services to the REIT manager and Manulife US REIT during his term of office,” the manager said.

Also Tuesday, MUST announced the appointment of John Casasante, most recently a DWS regional director in America, as the next CEO and CIO. Casasante, 55, will lead the trust in disposing of assets in line with the recapitalisation plan approved last December and maximise proceeds to further reduce debt and fund capital expenditure, the manager said in a release.

Management Team Reshuffle

Casasante joined Germany’s DWS in 2006 and has been responsible for the Deutsche Bank spin-off’s western US real estate portfolio with a net asset value of $15 billion across industrial and office.

The University of Southern California graduate has more than 25 years of commercial real estate experience with DWS, Cushman & Wakefield and Lincoln Property Company, according to MUST. His appointment remains subject to approval by Singapore regulators.

As the next CIO of the $1.4 billion REIT, Casasante takes over from the resigning Patrick Browne, who has agreed to stay on until 30 June to ensure a smooth transition, the manager said.

Also joining the MUST team at the end of June as chief financial officer is Mushtaque Ali, who will assume the duties of CFO Robert Wong and deputy CEO Caroline Fong upon their departure. Browne, Wong and Fong are leaving to pursue other opportunities, the manager said.

Ali most recently served as head of finance for Singapore and Southeast Asia at Manulife Investment Management. Before relocating to Singapore from Canada in 2022, he served in leadership roles within Manulife IM’s private markets business.

“The board is pleased with both John and Mushtaque’s appointments and is confident that their combined experience will help return Manulife US REIT to growth as the US property market evolves,” said Marc Feliciano, chairman of the manager.

Troubled Times

Gantt has served as CEO of MUST since May 2022, when he succeeded Jillian Smith upon her retirement. He had joined the manager of the 10-asset trust in February of that year as deputy CEO after 16 years with the Washington State Investment Board.

MUST’s leadership change is the second such announcement at an SGX-listed US office trust in the past week, following news of Harmeet Singh Bedi’s resignation as CEO of Prime US REIT with effect from 31 March. Singh Bedi’s exit comes as the trust’s equity has lost 60 percent of its value in the past 12 months.

Last December, MUST inked a master restructuring deal with its sponsor, Canadian insurer Manulife, and creditors to avoid defaulting on $1.18 billion in debt. All 12 of its lenders approved the plan, which provides the financially troubled trust with a $235.7 million lifeline arranged by its sponsor in return for a promise of control of the manager and a substantial interest payment.

MUST reported a net loss of $132.3 million for the six months to December 2023, narrowing from a year-earlier net loss of $192.5 million.