DAIWA House Logistics Trust : DHLU 0% (DHLT) on Friday (May 19) announced that Takeshi Fujita, executive director and chief executive of the trust’s manager Daiwa House Asset Management Asia, will step down from both roles on May 31. 

Fujita, 59, will be succeeded by Jun Yamamura on Jun 1, currently the manager’s head of planning. He works closely with the current chief executive and other members of the management team to develop, establish and execute the business strategies of DHLT, the trust said. 

The change in leadership is part of succession planning, DHLT said. Fujita will return to Japan to assume another appointment in Daiwa House Industry Co, the trust’s sponsor.

Yamamura, 46, joined the sponsor in April 2021 as part of the project team for the listing of a real estate investment trust (Reit) in Singapore. He then relocated to Singapore when he was transferred to the manager in August 2021, and was a key member of the team that listed DHLT on the Singapore Exchange (SGX). 

Before this, he spent more than two decades in Marubeni Corp, one of the largest general trading companies in Japan. There, he was involved in various functions, including real estate development and investment. 

Yamamura also has experience in Reits and was involved in the listing of United Urban Investment Corporation on the Tokyo Stock Exchange in 2003, DHLT said. 

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Tan Jeh Wuan, chairman of DHLT, said that under Fujita’s leadership, the trust completed its maiden acquisition and met the forecast distribution per unit in its first financial year since listing, despite facing multiple challenges.

He added that Yamamura was actively involved in the initial public offering of DHLT and has been a key officer of the manager since its listing, therefore ensuring a “smooth transition during the change of leadership”.

DHLT said Yamamura has “no prior experience” in being a director of a listed issuer on SGX. 

“He will be attending training on the roles and responsibilities of a director of a listed issuer as prescribed by the exchange,” the trust said. 

Yamamura holds 90,000 units in DHLT, according to a bourse filing by the trust. 

Units of Daiwa House Logistics Trust closed unchanged at S$0.56 on Friday.