Robert Schmitt, chief executive officer of the manager of United Hampshire US REIT (UHREIT) ODBU , will be stepping down on May 1 owing to health reasons, according to a March 30 press release.
Gerard Yuen, who is currently the chief financial officer of the manager, will be appointed CEO with effect from May 1. Yuen was appointed as CFO of the manager prior to the listing of UHREIT on March 12, 2020.
Yuen has over 20 years of experience in investment banking, finance and the public sector. Prior to joining the manager, Yuen was a managing director with Nomura Singapore.
The board has identified Winnie Yap as the manager’s next CFO. Yap is currently the finance director of the manager, appointed prior to the listing of UHREIT.
Yap has more than 19 years of experience in various financial and accounting functions, including financial strategic planning, corporate finance, treasury, group consolidation, management and financial reporting, budgeting and compliance matters.
Schmitt says: “It has been an enriching journey and I’m grateful for the opportunity to have worked with the board and leadership team of UHREIT. Looking back, it has been both challenging but exciting at the same time. We successfully navigated unique and fast evolving market conditions and a changed economic environment.”
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He adds: “Together with a highly talented team, I am proud of our accomplishments and for achieving notable milestones successfully together. I’m confident that I’m leaving UHREIT well-positioned for continued growth and success, with a focus on portfolio optimisation and strengthening of the REIT’s income streams for long-term accretive value.”
Tan Tong Hai, chairman and independent non-executive director, says: “On behalf of the board, I would like to thank Rob for his astute leadership and dedication over the last three years. Under Rob’s stewardship, the manager successfully brought to market a REIT featuring a new asset class — grocery and necessity properties and self-storage properties — on the Singapore Exchange.”
UHREIT’s total property value increased by 26.4% to US$738.7 million ($981.53 million), from US$584.6 million at IPO, boosted by three accretive asset acquisitions.
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“Gerard and the team have been with the REIT since it was established, and we are confident of a smooth transition guided by an experienced and committed management team,” says Tan. “We wish Rob well and once again thank him for his invaluable contributions during his tenure.”
Units in UHREIT closed 2 US cents higher, or 4.44% up, at 47 US cents on March 30.
