By ONG BOON KIAT
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MACQUARIE Prime Real Estate Investment Trust (MP Reit) yesterday began a new chapter under the new name of Starhill Global Reit.
The name change was formalised following yesterday's completion of the acquisition by Malaysian conglomerate YTL Corp of interests in MP Reit and the holding company of Macquarie Pacific Star Prime Reit Management, MP Reit's manager.
There also also board changes at the Reit manager. YTL Group managing director Francis Yeoh has assumed the post of executive chairman of the manager, which will be renamed YTL Pacific Star Reit Management Limited.
Also appointed to the board as non-executive director is Yeoh Seok Kian, while Hong Hai, a director and the chairman of the audit committee of the Reit manager, was named lead independent director.
CEO Franklin Heng, and members of audit committee Michael Hwang and Keith Tay complete the board.
Departing were Stephen Mark Girdis, who has resigned as the non-executive chairman of the board, and Andrew James Emery Taylor, who has resigned as a non-executive director and as the alternate director to Mr Girdis.
There is no change in the composition of the audit committee.
In October, YTL Corp took over the Macquarie Group's entire interest in Singapore-listed MP Reit in a deal worth $285 million.
The deal saw YTL subsidiaries Starhill Global Reit Investments Limited and Starhill Global Reit Management Limited respectively acquiring a 26 per cent stake in MP Reit and 50 per cent stake in the holding company for the Reit manager.
'Our immediate focus lies in rebranding the Reit through the introduction of the 'Starhill' brand, in addition to enhancing the portfolio through yield-accretive acquisitions of prime regional assets, prudent capital management and continued proactive asset management,' Mr Yeoh said yesterday.
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