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What is the story about?
Blackstone Inc. global head of real estate Nadeem Meghji, is leaving the firm and will be replaced by two veteran executives.
David Levine and Giovanni Cutaia were appointed co-heads of the business, according to an internal memo seen by Bloomberg. Levine heads Blackstone’s Americas real estate group, and Cutaia is president of Blackstone real estate.
Meghji “plans to take some time with his young family before seeking new pursuits” and will leave Blackstone at year-end, according to the memo from Chief Executive Officer Steve Schwarzman and President Jon Gray.
A representative for New York-based Blackstone declined to comment. The Wall Street Journal reported on the management changes earlier.
Meghji joined Blackstone in 2008 and rose to co-head of the real estate business in 2024, serving alongside Kathleen McCarthy, who left in November.
Levine, a 17-year veteran of the firm, helped build Blackstone’s roughly $75 billion logistics platform and played roles in its expansion into data centres and other digital infrastructure investments, according to the memo.
Cutaia, who joined 12 years ago, previously held leadership roles as chief operating officer and global head of asset management.
The pair are taking over as the real estate market has begun to stabilise following a turbulent few years, when rising interest rates hurt property prices. In the memo, Schwarzman and Grey said they now believe “real estate presents one of the most compelling investment environments we have seen in years.”
Blackstone is among the world’s most prolific real estate investors, with a portfolio valued at $608 billion as of midyear.
Also Read: China's inflation rises for first time since April; higher food and fuel prices put pressure on pockets
David Levine and Giovanni Cutaia were appointed co-heads of the business, according to an internal memo seen by Bloomberg. Levine heads Blackstone’s Americas real estate group, and Cutaia is president of Blackstone real estate.
Meghji “plans to take some time with his young family before seeking new pursuits” and will leave Blackstone at year-end, according to the memo from Chief Executive Officer Steve Schwarzman and President Jon Gray.
A representative for New York-based Blackstone declined to comment. The Wall Street Journal reported on the management changes earlier.
Meghji joined Blackstone in 2008 and rose to co-head of the real estate business in 2024, serving alongside Kathleen McCarthy, who left in November.
Levine, a 17-year veteran of the firm, helped build Blackstone’s roughly $75 billion logistics platform and played roles in its expansion into data centres and other digital infrastructure investments, according to the memo.
Cutaia, who joined 12 years ago, previously held leadership roles as chief operating officer and global head of asset management.
The pair are taking over as the real estate market has begun to stabilise following a turbulent few years, when rising interest rates hurt property prices. In the memo, Schwarzman and Grey said they now believe “real estate presents one of the most compelling investment environments we have seen in years.”
Blackstone is among the world’s most prolific real estate investors, with a portfolio valued at $608 billion as of midyear.
Also Read: China's inflation rises for first time since April; higher food and fuel prices put pressure on pockets
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