Manulife US Real Estate Management Pte. Ltd., as manager of Manulife US Real Estate Investment Trust announced Mr. John Casasante will be appointed to the dual role of Chief Executive Officer (CEO), subject to regulatory approval. Given the pending concurrent departures of the CEO and other executives as at end of June, the Board Chairman and the Independent Directors of Manulife US Real Estate Management Pte.

Ltd. have taken the opportunity to consider the executive skillset and experience needed for the Manulife US REIT to effectively execute on its Recapitalisation Plan and to resume growth as markets improve. Upon regulatory approval, Mr. Casasante, in his dual role of CEO and CIO, will lead the team in disposing of assets according to the approach outlined in the Recapitalisation Plan and maximizing proceeds to further reduce indebtedness and fund capital expenditure. He will also oversee the entire REIT operations, business strategy and investment strategy, including portfolio optimization efforts and capital management to ensure the objectives and conditions of the Recapitalisation Plan are met in addition to repositioning the REIT for growth.

Mr. Casasante will join the team as CEO and CIO designate on 8 April 2024. Mr. Casasante joins from DWS, where he served as the Regional Director, Real Estate Asset Management Alternatives and Real Estate Assets, responsible for the Western US real estate portfolio with a NAV of $15 billion, across industrial and office. He brings over 25 years of commercial real estate experience with DWS, Cushman & Wakefield, and Lincoln Property Company.

Throughout his career he has demonstrated his ability to create value and establish oversight that mitigates financial risk and maximizes investor returns.