ESR-REIT's UE BizHub EAST. (Photo: REITsWeek)

The manager of ESR-REIT has appointed veteran corporate lawyer and managing partner of TSMP Law Corporation, Stefanie Yuen Thio, as its new chairperson.

Yuen will be re-designated from an independent non-executive director to the independent chairperson of the REIT’s manager with effect from 1 July 2021.

She succeeds Ooi Eng Peng, who will be re-designated as non-executive director after close to nine years of service.

Ooi will also assume the new role of deputy chairman to continue guiding ESR-REIT on its growth strategies, said its manager in a 1 July announcement.

Adrian Chui, CEO of the REIT’s manager, described Yuen’s appointment as part of an ongoing succession planning.

“With her wealth of experience, ESR-REIT will stand to gain from her expertise, network and strong business acumen as we continue to capture value opportunities and deliver long-term growth to our unitholders”, he added.

ESR-REIT was last done on the Singapore Exchange at SGD0.43, which currently implies a distribution yield of 7.44% according to data compiled on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.