Key Takeaways
- • David Levine and Giovanni Cutaia have been named global co-heads of Blackstone Real Estate, succeeding Nadeem Meghji, who announced in September that he will leave the firm by year-end.
- • Blackstone Real Estate's earnings fell 10 percent year over year in the third quarter, according to Bloomberg, while assets declined $30 billion from their peak.
- • Meghji became sole head in January after the departure of former co-head Kathleen McCarthy, marking a second senior leadership change in the division within the year.
- • The new co-heads are tasked with deploying capital, improving investment performance, and preparing the division for its next major fundraising cycle.
Summary
Blackstone's real estate business is undergoing a leadership transition as declining earnings, weaker investment returns and senior executive departures create challenges for one of the world's largest real estate investment managers, according to Bloomberg, as reported by Institutional Real Estate, Inc.
David Levine and Giovanni Cutaia have been named global co-heads of Blackstone Real Estate, succeeding Nadeem Meghji, who announced in September that he would leave the firm by year-end. Levine previously led Blackstone's Americas real estate business, while Cutaia was formerly president of Blackstone Real Estate. Meghji became sole head of the business in January following the departure of former co-head Kathleen McCarthy.
The leadership changes come as the division's financial performance weakens. Blackstone's real estate earnings fell 10 percent year over year in the third quarter, and assets declined $30 billion from their peak. The article indicates the new co-heads will oversee the division as it works to deploy capital, improve investment performance and prepare for its next major fundraising cycle.
David Levine and Giovanni Cutaia have been named global co-heads of Blackstone Real Estate, succeeding Nadeem Meghji, who announced in September that he would leave the firm by year-end. Levine previously led Blackstone's Americas real estate business, while Cutaia was formerly president of Blackstone Real Estate. Meghji became sole head of the business in January following the departure of former co-head Kathleen McCarthy.
The leadership changes come as the division's financial performance weakens. Blackstone's real estate earnings fell 10 percent year over year in the third quarter, and assets declined $30 billion from their peak. The article indicates the new co-heads will oversee the division as it works to deploy capital, improve investment performance and prepare for its next major fundraising cycle.
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