Alpha Integrated Reit CEO Karen Lee steps down

[SINGAPORE] Alpha Integrated Real Estate Investment Trust (Reit) , formerly known as Sabana Industrial Reit, said that Karen Lee, the CEO of its manager, is stepping down on Monday (Nov 2).

Chief financial officer (CFO) Goo Li Ling has been named CEO-designate, following the completion of the Reit’s long-awaited internalisation.

Lee, who became CEO in September 2025, will leave the role to pursue other professional interests but remain employed by the manager until Mar 31 to assist with the handover, including supporting Goo and the board in ensuring an orderly transition.

Lee, 53, served as CEO during a significant period in Alpha Integrated Reit’s development, including the internalisation of its management function in October 2025.

Goo will assume the role of CEO on a date to be determined by the board, after the Monetary Authority of Singapore approves her appointment.

Until then, she will continue in her capacity as CFO and work with the board and management team on strategic and operational matters. The board will exercise closer oversight during the transition, while the senior management team continues to oversee the Reit’s day-to-day operations.

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The board said it was confident in Goo’s ability to provide leadership continuity and guide the Reit through its next phase of development and growth.

She joined the manager ahead of the completion of the internalisation, and has more than 20 years of experience in finance, real estate investment and fund management, including exposure to industrial and data centre assets.

Goo previously held senior leadership positions at Keppel Fund Management and Lendlease Asia, overseeing areas including financial strategy, acquisitions and divestments, capital-raising as well as portfolio management.

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The CEO-designate was involved in Suntec Reit’s initial public offering and subsequent financial and capital management.

Long process to internalise manager

Alpha Integrated Reit became Singapore’s first Reit to internalise its management function. The move marked the culmination of a process that began in 2023, when unitholders voted at an extraordinary general meeting to remove the external manager and replace it with an internal manager wholly owned by the trustee.

The process, led by activist investor Quarz Capital, was prolonged by disputes and legal challenges, with related costs reaching S$12.2 million as at end-June 2025.

Following the internalisation, Alpha Integrated Reit Management was appointed as the trust’s new manager, replacing Sabana Real Estate Investment Management. The Reit was also renamed Alpha Integrated Reit to reflect its new management structure.

Units of Alpha Integrated Reit ended Friday flat at S$0.475.