Starhill Global Reit extends appointment of property manager by 5 years

THE manager of Starhill Global Real Estate Investment Trust (Starhill Global Reit) on Thursday entered into agreements to extend the appointment of the Reit's property manager by another five years from Sept 20, it said in a bourse filing.

The property management agreements were entered into with the Reit's trustee, HSBC Institutional Trust Services (Singapore), and property manager Starhill Global Property Management.

Under the agreements, Starhill Global Property Management will continue to be the property manager of the Reit's interests in Ngee Ann City and Wisma Atria.

The Reit manager said the renewal of the property manager's appointment is on "substantially the same terms and conditions" as are contained in the existing Ngee Ann City and Wisma Atria property management agreements from 2005, and will "enable seamless continuity in the property management of the Singapore properties".

The Reit's manager and property manager are both indirect wholly-owned subsidiaries of YTL Corporation, a controlling unitholder.

Units of Starhill Global Reit closed at 52 Singapore cents on Thursday, down 1.5 cents or 2.8 per cent.