Manulife US REIT has made a slew of changes to its management team as the REIT gears up to implement a recapitalisation plan.

John Casasante will be appointed to the dual role of CEO and Chief Investment Officer (CIO), subject to regulatory approval, the REIT disclosed on 19 March.

In addition, Mushtaque Ali will be appointed as the REIT’s Chief Financial Officer (CFO).

Casasante will replace the current CEO, Tripp Gantt and current CIO, Patrick Browne, who will be leaving the REIT in June 2024.

The REIT’s Deputy CEO, Caroline Fong, will also be leaving on the same day.

Meanwhile, Ali will replace the current CFO, Robert Wong.

“Upon regulatory approval, Casasante, in his dual role of CEO and CIO, will lead the team in
disposing of assets according to the approach outlined in the recapitalisation plan and maximising proceeds to further reduce indebtedness and fund capital expenditure”, said Manulife US REIT in its statement.

“He will also oversee the entire REIT operations, business strategy and investment strategy, including portfolio optimization efforts and capital management to ensure the objectives and conditions of the recapitalisation plan are met in addition to repositioning the REIT for growth”, it added.

“I am ready for the opportunity to lead a dedicated and experienced team at Manulife US REIT in working with the Manulife US Real Estate Investment Management team as we enhance value for our unitholders”, said Casasante on his appointment.

“I look forward to making progress on asset dispositions, improving the balance sheet, and repositioning the portfolio for long-term growth”, he added.

Manulife US REIT was last done on the SGX at USD0.056.

By Shariffa Al-Habshee

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