Cromwell management shakes up board composition

Ooi Eng Peng will become a new non-independent director for CEREIT.

In an announcement released via SGX, Cromwell European Real Estate Investment Trust (CEREIT) revealed changes to the current composition of the board of directors of Cromwell EREIT Management Pte. Ltd.

Ooi Eng Peng, is expected to replace Michael Wilde as Non-Independent Non-Executive Director. This will take effect on September 15, 2021.

Ooi is currently serving as Non-Executive Deputy Chair of the Board of Directors  of the Manager of CEREIT .

Prior to this, Ooi has had more than 35 years of real estate experience, which includes property investment, development, project management, fund management and management in Australia and Asia. Notable positions that he has held include CFO, Global Chief Financial Officer and Asia CEO for Lendlease as well Asia CEO for Lendlease Investment Management and Retail. 

After his retirement from his executive career, Ooi has also spread his experience across entities in the Asia Pacific. He has held positions in ESR Funds Management, ESR-REIT and Savant Global Capital Pty. Ltd. 

He is also a holder of Bachelor of Commerce, and is currently a member of the Certified Practising Accountants of Australia, as well as holding membership in the Singapore Institute of Directors.

Lim Swe Guan, Chair of CEREIT, relayed his reactions to Eng Peng’s joining of the Manager’s board..

“We are pleased to have Eng Peng join the Manager’s Board. The Manager will benefit from Eng Peng’s wealth of experience in the real estate sector and continued strong alignment and support from CEREIT’s Sponsor. Eng Peng’s skill set will further augment the expertise and diversity that the current Board already enjoys, overseeing CEREIT’s strategy and governance in order to deliver sustainable and growing returns to unitholders in the long term.” 

Michael Wilde will resume his role as Chief Financial Officer of Cromwell Property Group.

This appointment has been approved by the Monetary Authority of Singapore (MAS).