Cromwell E-Reit names Ooi Eng Peng as non-executive director

THE manager of Cromwell European Real Estate Investment Trust (Cromwell E-Reit) on Wednesday announced its appointment of Ooi Eng Peng to its board as a non-independent, non-executive director with immediate effect.

Michael Wilde, the Reit sponsor's acting chief executive officer (CEO), will resign from his non-independent non-executive directorship role on the Reit manager's board on the same date. He will resume his role as chief financial officer of the sponsor from Oct 5, following the appointment of incoming sponsor CEO Jonathan Callaghan.

Mr Ooi is currently the Reit sponsor's independent, non-executive deputy chair, and brings over 35 years of real estate experience including in property investment, development, project management, fund management and management in Australia and across Asia.

He holds a Bachelor of Commerce from the University of New South Wales and is a member of the Certified Practising Accountants of Australia as well as the Singapore Institute of Directors.

After retiring in late 2011 from his last role as Asia CEO of Sydney-based property group Lendlease, where he held various roles over the span of three decades, Mr Ooi has gained board and board committee experience at companies across Asia Pacific.

This includes non-executive directorships at the managers of ESR-Reit and Perennial China Retail Trust respectively, Perennial Real Estate, Frasers Property Australia and Savant Global Capital.

Lim Swe Guan, chairman of Cromwell E-Reit's manager, believes the manager will benefit from Mr Ooi's "wealth of experience in the real estate sector and continued strong alignment and support from Cromwell E-Reit's sponsor".

"Eng Peng's skill set will further augment the expertise and diversity that the current board already enjoys, overseeing Cromwell E-Reit's strategy and governance in order to deliver sustainable and growing returns to unitholders in the long term," he said.

Units of Cromwell E-Reit were unchanged at 2.65 euros as at 9.15am on Wednesday, after the announcement was made.