Peter Pereira Gray has been appointed as the new chair of UK Commercial Property REIT (UKCM). He will take over the role from 31 July following the retirement of the current chair Ken McCullagh, on the same date.
Pereira Gray, chair elect of UKCM, said: “I would first like to thank Ken for his significant contribution and commitment to UKCM over the past 10 years, and particularly during his term as chair of the board. In the decade since Ken was appointed to the board, the company has successfully navigated multiple headwinds: Brexit, Covid, the invasion of Ukraine and fundamental changes to the property industry driven by structural shifts in society.
“To address these challenges, the board, expertly led by Ken over the last three years, has worked with the investment manager to restructure the company’s asset base and adapt it to the future needs of tenants.
“As one of the UK’s largest diversified REITs and with a high quality portfolio, UKCM is a great business with huge potential. I look forward to working with the board and with abrdn to continue the good work undertaken to date, as we continue towards our goal of delivering returns for shareholders.”
McCullagh added: “As I hand over to Peter I am pleased that UKCM is well placed with a high quality, future fit and far more diversified portfolio that can continue to deliver good income returns to shareholders. I would like to take this opportunity to thank my fellow board members, the abdrn team and all our advisors for all their hard work and support during my tenure. Peter is a first class operator and I leave knowing the company is in good hands.”
