LENDLEASE Global Commercial Real Estate Investment Trust (LReit) has appointed Guy Alexander Cawthra as its new chief executive, effective Apr 1.
He replaces Kelvin Chow, who has resigned “to pursue other opportunities”. Chow is the Reit’s first and only chief executive thus far, since the Reit was listed in 2019.
On Tuesday (Feb 11), LReit said Cawthra will be responsible for leading the Reit’s manager team and overseeing the Reit’s business, including investment, asset management and finance.
Since 2014, Cawthra has held various roles at the Reit’s sponsor, Lendlease Group. He is currently managing director for investment management (Asia) at Lendlease Group.
LReit said arrangements have been made to resign Cawthra from Lendlease Group entities prior to his appointment as CEO.
On Feb 3, the manager of LReit reported that distribution per unit (DPU) for its first half ended Dec 31 fell 14.3 per cent to S$0.018, from S$0.021 in the corresponding period the year before.
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This was driven by higher finance costs, lower net property income and an enlarged unit base.
Revenue was down 13.6 per cent at S$103.6 million for the half-year period, from S$119.9 million in the year-ago period.
NPI dropped 19.8 per cent on the year to S$74.9 million from S$93.4 million previously. Distributable income declined 11.8 per cent year on year to S$43.5 million, from S$49.3 million before.
LReit’s retail portfolio in Singapore includes Jem and 313@somerset.
Units of LReit were up 1 per cent or S$0.005 at S$0.515 as at 9.16 am on Tuesday.
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