Starhill Global Reit CEO and executive director Ho Sing to step down in August
[SINGAPORE] Hospitality veteran Ho Sing is retiring and will step down as the chief executive officer and executive director of Starhill Global Real Estate Investment Trust (Reit) on Aug 10.
The 59 year-old was appointed to his current position in 2010, the Reit manager said in a bourse filing on Wednesday (Feb 11). It added that the search for his successor was under way, with an announcement in due course.
On Jan 29, Starhill Global Reit posted a distribution per unit of S$0.018 for the first half ended Dec 31, unchanged from that in the year-ago period. Its revenue also remained flat at S$96.3 million for the half-year.
Its net property income fell 0.8 per cent on the year to S$75.1 million, from S$75.6 million previously. The manager attributed this to the loss of income from the divestment of Wisma Atria office strata units, as well as rental arrears provisions, mainly for its China properties.
Prior to the earnings release, the Reit manager announced on Jan 22 that it had won the arbitration proceedings initiated by department store chain Myer regarding a lease dispute at the Myer Centre Adelaide.
The manager said that the Reit incurred around A$5 million (S$4.4 million) in legal and related professional fees to date. The tribunal will decide on the allocation of these costs in a separate award.
“Should the costs award be favourable, the manager expects to be able to recover part of these costs,” it noted.
Units of Starhill Global Reit ended S$0.005 or 0.9 per cent higher at S$0.575 on Wednesday, before the news.
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