Keppel REIT's Ocean Financial Centre, in which a stake was sold to Allianz Real Estate in 2018. (Photo: REITsWeek)

The chief executive of Keppel REIT’s manager, Paul Tham, will relinquish his post on 20 October to “pursue other opportunities”.

The REIT also disclosed on 27 August that its board is currently evaluating potential CEO candidates, and an announcement on the successor CEO will follow in due course.

Shirley Ng, Deputy CEO and Head of Investment, will assume the role of acting CEO in the meantime, subject to regulatory approval.

She will work closely with the board of Keppel REIT’s manager on key strategic and operational issues during the leadership transition, the REIT added.

As at 30 June 2021, Paul Tham personally holds about 350,000 units of Keppel REIT.

His resignation comes just weeks after Keppel Corporation Limited announced an offer to take Singapore Press Holdings (SPH) private.

As part of the offer, Keppel Corporation will be significantly trimming down its stake in Keppel REIT.

Related: SPH REIT to gain acquisition pipeline from Keppel Land in privatisation deal

Keppel REIT was last done on the Singapore Exchange at SGD1.08, which currently implies a distribution yield of 5.44% 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.