Harmeet Singh Bedi Tapped to Succeed Barbara Cambon as Prime US REIT CEO

Prime US REIT has identified Harmeet Singh Bedi as the likely successor to retiring CEO Barbara Cambon, as Singapore-listed US property trusts continue to see their share prices pummelled.

Cambon will retire as chief executive and chief investment officer of Prime US REIT’s manager with effect from 8 March, according to a filing with the Singapore Exchange.

Bedi, who serves as chief financial officer and deputy CEO, is in line to be the new boss as part of a planned succession at the $1.5 billion trust. The tentative appointment remains subject to regulatory approvals.

“The board wishes to place on record its appreciation to Ms Cambon for her invaluable contributions and guidance during her tenure and extends its best wishes to Ms Cambon in her future endeavours,” the manager said.

Transition at the Top

Cambon assumed her current roles in July 2019 after 14 years as a director at Prime US REIT’s sponsor, California-based real estate firm KBS, which jointly owns the trust’s manager with Keppel Capital and other Singapore-headquartered investors.

Bedi joined the manager in May 2020 after serving almost six years as CEO of financial services company Maybank Kim Eng in Singapore. The Maybank posting followed a four-and-a-half-year tenure as head of corporate finance and M&A for Southeast Asia at UBS from 2009 to 2014.

The graduate of Ahmedabad’s St Xavier’s College had previously served as Merrill Lynch’s head of corporate finance for Southeast Asia from 2007 to 2009.

Once Bedi’s appointment as the new CEO is confirmed, the financial controller of the manager will cover the duties of the CFO until a successor is appointed. The manager is also recruiting a new head of investments.

Sector Awaits Turnaround

Prime US REIT’s portfolio consists of 14 office properties across 10 states. The most recent acquisition was the Sorrento Towers office complex in San Diego, purchased for $146 million in July 2021. The portfolio was valued at $1.54 billion at the end of 2022, down 6.7 percent year-on-year.

In the six months to December, Prime US REIT saw net property income tumble 13.3 percent year-on-year to $47.1 million. Distribution per unit in the period sank 12.2 percent year-on-year to 3.03 US cents.

Like other SGX-listed US REITs, the trust has suffered a steep decline in market cap in the past year, with units trading 40 percent lower than their price 12 months ago. By comparison, Keppel Pacific Oak US REIT’s units are down 30 percent in the same length of time, while Manulife US REIT’s have plunged 50 percent.