Digital Core Reit announces leadership changes, inclusion in FTSE EPRA Nareit Global Developed Index

DIGITAL Core real estate investment trust (Reit) announced on Monday (Sep 4) that it would be included in the FTSE EPRA Nareit Global Developed Index from market close on Sep 15. 

The FTSE EPRA Nareit Global Real Estate Index Series is an international real estate investment index developed by the FTSE Group along with the European Public Real Estate Association and the National Association of Reits. The index series is designed to track the performance of listed real estate companies and Reits globally.  

John Stewart, chief executive of Digital Core Reit Management, said that the inclusion is a “significant milestone” that should enhance the Reit’s trading liquidity on the Singapore Exchange as well as its visibility to global institutional investors, while attracting new capital inflows from global index funds. 

Digital Core Reit also announced a slew of leadership changes in a separate announcement on Monday, in a bid to “provide additional depth to drive the next phase of its growth and build upon its commitment to deliver sustainable value for stakeholders”. 

David Lucey, who is currently a non-independent director, will become the chairman of the board of Digital Core Reit management. Lucey most recently served as interim managing director of Asia-Pacific, with responsibility for the sponsor’s operations across the region. 

He also previously served as senior vice-president of portfolio management for the Reit’s sponsor Digital Realty, and was responsible for leasing and financial management of the sponsor’s portfolio in North America. He replaces current chairman Jeff Tapley, who will take on an “expanded role “ with the sponsor as Digital Realty’s chief commercial operations officer, and will step down from the board of the Reit’s manager. 

These changes will take effect from Oct 1. The Reit said that these changes are designed to “balance fresh thinking and new perspectives with experience and continuity”. 

Serene Nah, who joined Digital Realty in January this year as managing director and head of Asia-Pacific, will join the board of the manager as a non-independent director, effective Oct 1. Nah currently serves as an independent, non-executive director and a member of the audit committee and nomination committee for ESR Group. 

Her previous stints include roles as executive director and chief financial officer at Kerry Properties, head of Asia portfolio management for global technology private equity firm Silverlake Partners, and various roles spanning over a decade with General Electric. 

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Dave Craft, who currently serves as vice-president of acquisitions for Digital Realty, will become the chief financial officer of the Reit’s manager from Oct 1. He will take charge of all financial functions of the manager, including financial reporting, capital markets, tax and investor relations as well as financial planning and analysis.

Craft succeeds Daniel Tith, who is returning to the US to lead global finance for Digital Realty. 

Stewart said that the new slate of industry veterans brings “strong leadership and investment experience that will be instrumental to driving the next phase” of the Reit’s growth. He added: “With these refreshments to our leadership, we look forward to continuing to capitalise on the favourable set of data-centre fundamentals along with our industry-leading acquisition pipeline to deliver sustainable value for our stakeholders.”