FC Global Realty (FCRE) Inc., a real estate investment company focused on opportunistic real estate development, has appointed Vineet P. Bedi, CFA, as president and CEO and Matthew Stolzar, CFA, as chief financial officer and chief investment officer. Both appointments were effective Jan. 2, 2018.
“FCRE’s goals were to introduce true value-add opportunities to retail investors, which historically had been dominated by institutional investors, and to bring in institutional partners to support our investment thesis,” FCRE departing CEO and current board member Suneet Singal said in a release.
“Vineet Bedi and Matthew Stolzar of KRV Capital ran capital exclusively for one of the largest alternative asset managers in the world. After a deep dive into their investment philosophy and what has worked and not worked for institutional investors in the public markets, I am thrilled that Vineet and Matthew will be leading the charge to fulfill our vision at FC Global Realty as I step down as CEO,” Singal added.
Bedi, 35, has more than 15 years of experience in real estate investing, private equity, capital markets and public securities investing, while Stolzar, 33, has 11 years of experience in finance, including capital markets, real estate private equity and public securities investing.
“Today marks an important milestone in the history of FCRE,” Company Chairman Bob Froehlich said. “With the critical pieces of people and funding coming together, we are now at the end of the beginning of our vision of creating a best-in-class global real estate development company.”
“Matthew and I are extremely excited to join FC Global Realty. We have long shared Suneet’s and the board of directors’ vision that long-term NAV growth in the public real estate market has been elusive for years,” Bedi said. “We believe that FCRE is in the early stages of a very compelling transformation, with world-class real estate opportunities, a lean and high-quality team of employees and a platform to focus on long-term value creation for shareholders.”
In addition, according to the release, FCRE entered into a securities purchase agreement with a strategic investor, under which the Investor may invest up to $15 million in the company in a series of closings, in exchange for which the investor will receive shares of the company’s newly designated Series B Preferred Stock at a purchase price of $1.00 per share.