There are two new sheriffs in town at the helm of one of the world’s largest property investors.
Blackstone Group LP named Ken Caplan and Kathleen McCarthy to lead the private equity giant’s real estate business as Jon Gray takes on the role of president and chief operating officer. The real estate business Gray built, after joining Blackstone straight out of college, is the firm’s largest by assets and accounted for about half of its pretax profit last year.
The new chiefs are taking the helm of an operation that spans the globe and touches all corners of the real estate world, from New York skyscrapers and Hawaiian resorts to rental housing and warehouses. Kaplan, who has been with Blackstone for 21 years, was previously the global chief investment officer. McCarthy, who joined the firm in 2010, focused on investors, capital raising and business development in her role as chief operating officer of Blackstone’s real estate group.
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“Having worked closely with Ken and Kathleen for many years, I have tremendous confidence in their ability to continue the group’s strong track record,” Gray said in a statement Tuesday. “They are excellent investors and operators with remarkable judgment, capable of driving the group to new heights.”
In recent years, Blackstone’s real estate deals have included the $5.3 billion acquisition of Stuyvesant Town-Peter Cooper Village, Manhattan’s biggest apartment complex, and the launch of a nontraded real estate investment trust that targets individual investors.
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Source : https://finance.yahoo.com/news/blackstones-real-estate-arm-gets-171247219.html901