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.
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. Meghji became sole head of the business in January following the departure of former co-head Kathleen McCarthy.
Levine, who previously led Blackstone’s Americas real estate business, and Cutaia, formerly president of Blackstone Real Estate, will oversee the division as it works to deploy capital, improve investment performance and prepare for its next major fundraising cycle.
Blackstone’s real estate earnings fell 10 percent year over year in the third quarter, while assets declined $30 billion from their peak. Its o
