Sep 11, 2013
Singapore, September 5th 2013 - The Board of AIMS AMP Capital Industrial REIT Management Limited (the Manager) as manager of AIMS AMP Capital Industrial REIT (the Trust) today appointed Mr Koh Wee Lih as Chief Executive Officer (CEO), effective 1 January 2014. The appointment is subject to the approval of the Monetary Authority of Singapore as required under the Securities and Futures Act (Cap.289).
Mr Wee Lih Koh replaces Mr Nicholas McGrath who will retire from the Manager following five years as CEO.
Mr Koh joined the Manager of the Trust in December 2008 and was appointed Head of Real Estate in January 2011, overseeing the investment and asset management functions of the Trust. For the past three years, he has worked alongside Mr McGrath to develop and implement the Trust’s investment strategy.
AIMS AMP Capital Industrial REIT Chairman Mr Andrew Bird said Mr Koh’s appointment highlights the quality of the Manager’s succession plan.
“Koh Wee Lih is the natural choice for CEO. He completely understands the Trust, its corporate history and strategy for the future, and his vision for Trust’s growth is entirely aligned with the Board’s.
“The Manager is very focused on providing professional development opportunities for the management team to ensure a healthy and robust succession plan. This appointment demonstrates the quality of our succession planning.
“Wee Lih’s appointment is a vote of confidence from the Board in the strength and quality of the management team and in his leadership ability to steer the Trust’s future direction,” he said.
Mr Bird said outgoing CEO Mr McGrath had ably led the Trust into a much stronger position today where it is well positioned to continue growth and deliver value for unitholders.
“Mr McGrath leaves the Trust in excellent shape. He led the Trust through a period of change and repositioned the portfolio for growth. Today the Trust has a strong capital structure with gearing of 25.4 percent1. The Trust is delivering stable and growing DPU nd has secured a development pipeline that will deliver value for unitholders in the future.
“On behalf of the Board, I thank Nick for his enormous contribution as CEO. The Trust is in a much stronger position today thanks to his dedicated leadership, which oversaw prudent capital management, active asset management and strategic investment,” Mr Bird said.
Mr Koh said he was looking forward to the challenge and opportunity of leading the Trust. “I’m looking forward to leading the Trust in its next stage of growth. Today’s announcement regarding 20 Gul Way Phase 2E and Phase Three is an example of how we are growing long term value for unitholders, which will continue under my leadership,” Mr Koh said.
Mr Koh and Mr McGrath will work closely together over the next few months to ensure a smooth transition.
Mr McGrath said the time was right for change.
“After five years as CEO I’m pleased to be passing the baton to Wee Lih. He’s an exceptional real estate investment professional, who will continue to grow the Trust to create greater value for unitholders,” he said.
Mr McGrath will move to a new role in Sydney with the Trust’s sponsor, AMP Capital, and will remain on the Trust’s Board as a non-executive director.
Re-disseminated by The Asian Banker