Ottawa-headquartered InterRent Real Estate Investment Trust (TSX: IIP.UN) has announced that Chairman and CEO Brad Cutsey is resigning effective March 23. He will also step down as a trustee of the multifamily market-focused REIT.
The company said Cutsey’s departure will enable him “to turn his attention to the next chapter of his career.” Chief Operating Officer David Nevins will serve as interim CEO until a replacement for Cutsey is announced.
“Leading InterRent has been a true privilege,” said Cutsey in a statement. “I’ve been humbled to work alongside such an exceptional team and am grateful to the board for their trust and confidence in me. It has been a meaningful journey, and knowing the REIT is well positioned for what lies ahead gives me great confidence as I look to what’s next.”
InterRent added that it will continue with its previously announced plans to be acquired by Carriage Hill Properties Acquisition Corp., a newly formed entity owned by CLV Group and GIC, in an all-cash deal valued at approximately $4 billion.
