In a landmark move, BlackRock, one of the world's leading asset managers, has appointed Paul Tebbit and Thomas Müller-Borja as its new global co-heads of real estate. This announcement, made on February 12, 2024, marks the first time such an appointment has been made in the company's history.
A new era for BlackRock’s real estate sector
BlackRock's real estate business, with more than $28 billion in assets under management as of the end of last year, has become a formidable force in the industry. The promotion of Tebbit and Mueller-Borja to lead the division marks a strategic shift within the company, as they become the first full-time heads of real estate since Marcus Sperber stepped down in 2019.
Both will be based in London and will report directly to Brent Patry, BlackRock's global head of equity private markets. They take over from Anne Valentine-Andrews, who previously oversaw both infrastructure and real estate.
Experienced leaders to steer the course
Paul Tebbit brings a wealth of experience to his new role, having previously served as Global Chief Investment Officer for Core Real Estate at BlackRock. His expertise lies in identifying and exploiting opportunities in stable revenue generating segments of the market.
Meanwhile, Thomas Müller-Borja previously served as global chief investment officer for BlackRock's global value-add real estate platform. His background in seeking out and enhancing properties with high growth potential complements Tebbit's core real estate focus.
Promising future
As the real estate market continues to evolve, the appointments of Mr. Tebbit and Mr. Muller-Borja underscore BlackRock's commitment to remaining at the forefront of the industry. Their collective experience and unique perspectives make them well-positioned to guide the company's real estate business through the challenges and opportunities that lie ahead.
With the introduction of this leadership, BlackRock's Real Estate division is poised to build on its already impressive track record and make even greater progress in the coming years. The company's customers and stakeholders can look forward to a future marked by innovation, growth and an unwavering dedication to excellence.
Key Point:
- BlackRock has appointed Paul Tebbit and Thomas Müller-Borja as its first global co-heads of real estate.
- Mr. Tebbit and Mr. Muller-Borja will report to Brent Patry, global head of equity private markets.
- They take over from Anne Valentine-Andrews, who previously ran both infrastructure and real estate.
- Mr. Tebbit previously served as Global Chief Investment Officer of Core Real Estate, while Mr. Müller-Borja served as Global Chief Investment Officer of the Global Value-Added Real Estate Platform.
- BlackRock's real estate business had $28 billion in assets under management at the end of last year.