NEW YORK CITY—In an evolutionary move of its real estate platform, BlackRock has appointed Jack Chandler as chairman of BlackRock Real Estate while promoting Marcus Sperber to succeed him as global head of real estate. A BlackRock spokesman confirms a published report in PERE on the new arrangement.
Chandler, who assumed the role of global head in 2011, detailed the new structure in a letter to investors Thursday, PERE reported. He'll focus on the strategic development of the $24-billion platform “while continuing to play an active role in investment activities and client interactions.”
UK-based Sperber, Chandler wrote to investors, will provide "day-to-day direction and management for the business. He will be charged with driving superior investment performance, along with excellent client service. His responsibilities also will include managing our people so our talent and team develop in line with our aspirations for the business.”
Sperber, according to Chandler, was “instrumental” in BlackRock's 2013 acquisition of MGPA, a private equity real estate investment advisory company focusing on Europe and Asia Pacific. The acquisition, which closed last October, greatly enlarged BlackRock's real estate assets under management and made it into “a truly global real estate investment manager across Asia-Pacific, Europe and the US,” the company said at the time.
Before becoming global head of real estate, Sperber was head of real estate for the EMEA region. He's being succeeded in that capacity by Tom Lee, formerly of MGPA, who continues as CIO for the region.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.