abrdn's UK Commercial Property REIT chair retires
McCullagh has served as chair since January 2020, sitting on the board since 2013. Credit: WBCSD
McCullagh has served as chair since January 2020, sitting on the board since 2013. He is also CEO of LNC Property Group.
Pereira Gray was appointed to the trust's board in April 2023, having previously worked as CEO and co-leader of Wellcome trust's investment division.
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The trust sits at a 39.7% discount and has retuned -33.3% over the last year, compared to a UK commercial property sector average of -32.1%, according to data from the Association of Investment Companies.
McCullagh said: «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 advisers 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.»
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Pereira Gray added: «I would first like to thank Ken for his significant contribution and commitment to UKCM over the past ten 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
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