Simon Garing is Cromwell E-Reit's acting CEO

CROMWELL European Reit has named Simon Garing its acting chief executive officer, while the search for a permanent appointee is underway.

Mr Garing has resigned as the chief capital officer of real estate investment trust (Reit) sponsor Cromwell Property Group, a post that he has held since December last year, to take the role. He will also be an executive director of the Reit manager with effect from Monday.

In his former role as Cromwell Property Group's chief capital officer, Mr Garing was responsible for capital management and fund raising for capital markets. He worked with the group's investment teams across the world to develop asset investment opportunities, funds, Reits and joint ventures. Prior to that, he was the deputy director of Asia-Pacific research and director of Australia and Korean research at Merrill Lynch Asia Pacific.

Lim Swe Guan, independent chairman of the Reit manager, said: "Simon is a well-respected veteran in the real estate industry... Simon's move to the manager attests to the sponsor's continued commitment to the Reit. We are confident that the transition will be smooth, and that he will be able to hit the ground running."

Separately, Elena Arabadjieva has been promoted to the role of chief operating officer with effect from Monday. She will continue to head investor relations.

The Reit's units fell 0.86 per cent to 0.58 euro on Monday before the announcements came after market close.