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Croesus Retail Trust (S6NU.SI)

Real Estate




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Croesus Retail Trust ("CRT") is the first Asia-Pacific retail business trust with an initial portfolio located in Japan listed on the Singapore Exchange.

CRT's principal investment strategy is to invest in a diversified portfolio of predominantly retail real estate assets located in Japan and across the Asia-Pacific region and real estate-related assets relating to the foregoing. The initial portfolio is located in Japan in order to create a core portfolio of stable income generating assets. This serves as a foundation for CRT to pursue development and acquisition opportunities in the Asia-Pacific region, to generate long-term capital value and long-term returns.

CRT is backed by its strategic partners Daiwa House and Marubeni who have contributed two Properties (approx. 41.1% of the Initial Portfolio based on the valuation by the independent valuer) and one Property (approx. 17.9% of the Initial Portfolio based on the valuation by the independent valuer) respectively. Both have granted CRT voluntary ROFRs to acquire further predominantly retail real estate assests across Asia-Pacific ex-Japan. Daiwa House is one of Japan's leading real estate business conglomorates while Marubeni is one of Japan's largest general trading companies.

The Trustee-Manager's key objectives are to deliver a competitive return on investment to unitholders of CRT through: (i) regular and growing distributions and (ii) long-term capital value growth of CRT's portfolio of assets.

The Sponsor of CRT is Croesus Merchants International, part of The Croesus Group
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Mr David Lim Teck Leong - Chairman, Independent Director and Member of the Audit and Risk Committee, and Member of the Nominating and Remuneration Committee

Mr David Lim Teck Leong is an independent director of several companies publicly listed on the SGX-ST, namely, G.K. Goh Holdings Limited, LH Group Limited and  New Toyo International Holdings Limited. He also sits on the boards of private companies in Singapore, Indonesia and Thailand in non-executive capacities and on the executive committees of several private equity investments.

Mr Lim is the founder of David Lim & Partners LLP and has been the Managing Partner since 1990. He began his career at Rodyk & Davidson in 1982 with a focus in commercial litigation, corporate finance, restructuring and mergers & acquisitions up till 1989. Mr Lim has represented MNCs and corporations from the financial and banking sectors, fund management, private equity, manufacturing, tobacco, information technology and telecommunications, infrastructure, property development, food, hospitality, healthcare, shipping and electronics. Mr Lim previously lectured at the Institute of Banking & Finance from 1999 to 2000 and tutored at the Faculty of Law, National University of Singapore from 1992 to 1994. He was a council member of the Law Society of Singapore.

Mr Lim is an honorary legal adviser (for David Lim & Partners LLP) of the Singapore Physiotherapy Association.

Mr Lim graduated from King’s College London in 1980 with a Bachelor of Laws and obtained his professional qualification as a barrister from Gray’s Inn, London in 1981.

Mr Jim Chang Cheng-Wen - Executive Director and Chief Executive Officer

Mr Jim Chang Cheng-Wen is the chairman and co-founder of Croesus Merchants in February 2010 and Croesus International in August 2004 with over 10 years of Asian real estate experience. He is a Taiwanese citizen, currently residing in Tokyo, Japan. He is fluent in Japanese, English, Mandarin, Taiwanese and Hokkien.

Mr Chang began his career in 1990 negotiating sea port control rights, airline landing rights and strategic investments with foreign governments on behalf of the Evergreen Group. He rose to become Managing Director of the Group’s investment activities in 2001. From 1997 to 2005, Mr Chang led in the investments and management of Evergreen’s interests in real estate, transportation and infrastructure across Asia with extensive experience in managing Evergreen’s hospitality, office and logistics real estate businesses. Mr Chang has also been on the Advisory Board or an Advisor to leading Asian institutions and organizations, notably Taiwan High Speed Rail Corporation (2004 to 2010) and Evergreen (2007 to 2011).

From 2007 to 2010, he managed a residential real estate fund in Japan for Citi Property Investors with combined equity and debt of US$500 million. He partnered with and advised world class players on their acquisition strategy for two real estate portfolios totaling over US$2 billion of Asian hospitality assets in 2006.

Mr Chang has a Bachelor of Arts in International Studies from Temple University (Pennsylvania, USA).

Mr Eng Meng Leong - Independent Director and Chairman of The Audit and Risk Committee

Mr Eng is currently a non-executive director of HSR Global Limited, Libra Group Limited and Religare Health Trust Trustee Manager Pte. Ltd.  He is also a director of ACTS College Ltd.

Mr Eng was previously an executive director with KPMG Tax Services Pte. Ltd. He also served as the head of financial services in the tax practice. Mr Eng joined KPMG Tax from 1984 up till 2009 and has been involved with taxation for 25 years. His experience in taxation covers Singapore, Malaysia, Hong Kong and the United Kingdom.

Mr Eng worked in London for nine years prior to joining KPMG in Singapore. He regularly speaks on taxation matters at seminars and workshops conducted for both the public and clients and was an examiner at ACCA Advanced Tax. Mr Eng is a consultant for the Kong Siang group of companies.

Mr Eng was admitted in 1984 as an associate member of the Institute for Chartered Accountants of England and Wales. He is a member of the Institute of Singapore Chartered Accountants and an Accredited Tax Advisor of the Singapore Institute of Accredited Tax Professionals Ltd....

Mr Quah Ban Huat - Independent Director

Mr. Quah has more than two decades of experience in investments, finance and accounting, including fund raising, listing and initial public offerings, debt financing, restructuring and tax planning. He is a Director of several public listed and private companies. Mr Quah is a consultant for KPMG Services Pte Ltd. and also the founder and President of PRYME (Potential Realised in Youth through Mentoring and Education), a charitable organisation for less privileged children.

Mr Quah has held various key finance positions in the past including amongst others, as Regional Business Area Controller at Deutsche Bank, Group Finance Director of the IMC Group, and Chief Financial Officer of City Gas Pte Ltd and Rickmers Trust Management Pte Ltd.
Mr Quah is a member of the Institute of Chartered Accountants in England and Wales and a fellow member of the Association of Chartered Certified Accountants.

Mr Yong Chao Hsien Jeremy - Managing Director

Mr Yong Chao Hsien Jeremy is currently a director of Croesus Group Pte. Ltd., Croesus Merchants, Croesus Partners Pte. Ltd. and Evertrust Asset Management Pte. Ltd. He is a director of Jael Capital Ltd, a company incorporated in the British Virgin Islands.
Mr Yong is the group managing director and co-founder of Croesus Merchants in February 2010. He oversees and is responsible for all corporate operations and the strategic development of the real estate business of Croesus Merchants. He is responsible for the development and listing preparation of CRT, including sourcing, evaluating and negotiating acquisition terms and conditions for retail assets suitable for the initial and pipeline portfolio of CRT.

From 2002 to 2009, Mr Yong was the managing director and co-founder of Jael Capital Ltd, a privately owned investment vehicle, where he oversaw and was responsible for managing the company’s investment strategy and portfolio in equities, global markets, foreign exchange and real estate. From 2000 to 2001, Mr Yong was the managing director of ICG Asia and ICG Japan. ICG Asia was a private equity technology investment company listed on the Stock Exchange of Hong Kong.  From 1996 to 2000, Mr. Yong was a private equity investment professional and prior to that from 1994 to 1996, he was a banker at JP Morgan Singapore.

Mr Yong graduated from the London School of Economics, U.K. in 1991 with a Bachelor of Science (Hons) in Industrial and Business Economics.

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Listed Date 10 May 2013

Address 10 Collyer Quay #40-00
Ocean Financial Centre Singapore

Telephone (65) 6713-9550

Facsimile (65) 6532-4780

Email ir@croesusretailtrust.com

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