S&P places Perennial Australian Property Trust ‘On Hold’ as founder bows out
Standard & Poor’s Fund Services today placed the Perennial Australian Property Trust ‘On Hold’ following notification that Stephen Hayes, managing director and head of Perennial Real Estate Investments (PREI), will leave the organisation in mid-February.
His replacement is David Kivell who joined PREI at the end of January to allow a short handover period with Mr Hayes.
“S&P is familiar with Mr. Kivell from his previous roles at CBRE Global Real Estate Securities and Macquarie Funds Management,” said S&P fund analyst Peter Ward.
“While Mr. Kivell is an experienced listed property investor and portfolio manager, we consider Mr Hayes’ departure to be a material loss, as he was a founder of the PREI business and established its domestic and global real estate platform,” said Mr Ward.
“Mr Hayes’ industry experience, portfolio-management experience and skill, and ownership interest in the business have in the past underpinned our assessment of this fund.”
The fund is under review as part of our current Australian Property – Listed sector review. During this review, we will meet with Mr Kivell and seek to resolve the ‘On Hold’ rating.
