Robert Stuart Claude Wallace, CEO of the manager of Frasers Logistics & Commercial Trust, has resigned for "family reasons".
In a filing with the Singapore Exchange, FLCT says that Wallace has decided to return to Australia to be with his family.
Wallace, who was appointed to this role back in June 2016, will remain as CEO until May 31 2023.
He was the executive general manager of investment property at Frasers Property Australia, formerly Australand Property Group, which he joined in August 2007.
FLCT's chairman Ho Hon Cheong says Wallace was "invaluable" in leading the merger between Frasers Logistics & Industrial Trust with Frasers Commercial Trust with the enlarged REIT renamed Frasers Logistics & Commercial Trust.
"The progress at FLCT since then has been nothing short of incredible, and the team will continue to carry it forward. We are happy for Rob to be back home with his family and wish him all the best for his next chapter," says Ho.
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Under Wallace’s watch, FLCT’s portfolio value saw a fourfold growth from an initial $1.6 billion to over $6.6 billion.
FLCT has a relatively low gearing among S-REITs with leverage at 27.9% as at Dec 31 2022.
“It has been an amazing journey being part of the Frasers Property Group," says Wallace.
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"I am extremely proud of our accomplishments and what we have built together. After a lot of reflection, I’ve decided to return to Australia to be with my family.
"I’m confident I’m making this move with FLCT well positioned for continued success,” he adds.
FLCT says the appointment of a new CEO will be announced in due course.
FLCT shares closed Feb 13 at $1.31, down 0.76%.
