BlackRock, the world’s largest asset manager, has announced a shakeup in its real estate leadership, appointing Paul Tebbit and Thomas Mueller-Borja as the first-ever co-heads of the division. According to BlackRock, this move comes at a crucial time for the global real estate market, with Europe presenting a particularly attractive opportunity.
Tebbit and Mueller-Borja, both internal promotions, take over from Anne Valentine Andrews, who departed the firm last month. This is the first time BlackRock has dedicated leadership solely to real estate since 2019. Together, they will oversee the $28 billion real estate business, reporting to Brent Patry, global head of equity private markets.
The appointments come amidst heightened activity in the European real estate market. BlackRock recently secured $844 million for its BlackRock Europe Property Fund VI, highlighting strong investor interest. The firm believes European markets have experienced faster repricing than other regions, presenting an “attractive entry point” for value-add strategies.
