The chief executive officer (CEO) of Prime US Reit, Harmeet Singh Bedi, will resign from his role at the end of March, a little over a year after assuming his appointment. He will be replaced by Rahul Rana, who is a shareholder of the Reit’s sponsor.
The real estate investment trust (Reit) manager on Friday (Mar 15) said that Harmeet, 56, was leaving to pursue “other opportunities”.
It said: “The board wishes to place on record its appreciation to Mr Harmeet Singh Bedi for his invaluable contributions and guidance during his tenure, and extends its best wishes to him for his future endeavours.” It added that Harmeet will continue to support the manager as a senior adviser.
Harmeet was appointed CEO on Mar 8, 2023.
His role involved working closely with the board and management team to define and execute Prime US Reit’s overall growth and corporate strategy. He also oversaw its strategic development and day-to-day management.
He joined the Reit in May 2020 and served as its deputy CEO and chief financial officer before becoming CEO.
His replacement, Rahul, is a shareholder of KBS Asia Partners, which is the sponsor of Prime US Reit and holds 40 per cent of the manager’s shares. Rahul was a managing director of the corporate and investment bank at Deutsche Bank Singapore from 2010 to 2015.
Harmeet’s resignation comes less than a month after the company announced its financial results for FY2023.
Its distribution per unit (DPU) for the second half fell over 90 per cent year on year to US$0.0025, from US$0.0303.
It also announced that it would issue new units to unitholders on the basis of one new unit for every 10 existing units held.
Units of Prime US Reit fell 3.7 per cent on Friday to close at US$0.132, before the announcement.
