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Sabana Reit appoints COO as acting CEO

SABANA Shari'ah Compliant Industrial Real Estate Investment Trust's (Sabana Reit) manager has appointed its chief operating officer (COO) Aw Wei Been as its acting CEO, with effect from Jan 1, 2018, while it continues its search for a new CEO.

Its current CEO Kevin Xayaraj - who has been with the manager Sabana Real Estate Investment Management since 2010 - tendered his resignation in May, after a unitholders' revolt over the Reit's proposed acquisition of a Changi South property.

Mr Xayaraj had then agreed to stay on with the manager until the end of this year to ensure a proper handover and smooth transition for his successor.

Mr Aw, who is also the manager's head of asset management in addition to being its COO, is said to have more than 20 years of experience in the real estate industry, and has been with Sabana Reit since its listing in November 2010.

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Before joining Sabana Reit, Mr Aw held positions including head of asset management at Tarian Capital Partners Pte Ltd, and head of infrastructure planning and facilities management at the Agency for Science, Technology and Research.

The board of Sabana Reit's manager said it will provide an update as soon as a CEO candidate has been identified and approved by regulators.