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Wesley LePatner Named CEO of Blackstone Real Estate Income Trust
Slice of Real Estate Team
August 26, 2024
Key Highlights:
Wesley LePatner named CEO of Blackstone Real Estate Income Trust (BREIT) effective January 1, 2025.
Frank Cohen, after nearly 30 years at Blackstone, will retire but remain as Chairman of BREIT's Board.
BREIT’s portfolio is concentrated in sectors like data centers, industrial, and rental housing benefiting from major market trends.
Source (Business Wire)
Notable Quotes:
"Wesley will seamlessly step in at a time when real estate values have begun to recover. Frank has been a valuable partner and mentor to all of us and we are incredibly grateful for his dedication to the business."
"We are confident that Wesley will continue to drive exceptional performance through her tremendous talent and sector expertise. We couldn’t be prouder of how BREIT has delivered for investors since inception seven and a half years ago."
"I am honored to become CEO of BREIT. Its portfolio is over 85% concentrated in data centers, industrial and rental housing, sectors which are benefiting from megatrends and we are well-positioned to capitalize on the highly compelling opportunities in today’s market."
Our Take:
The leadership transition at BREIT marks a significant moment for Blackstone, underscoring the firm's long-term strategic planning and commitment to maintaining its position at the forefront of real estate investment. With Wesley LePatner's deep experience and proven track record in leading Core+ strategies, her appointment as CEO is a strategic move that aligns with BREIT’s focus on high-growth sectors. Frank Cohen’s continued role as Chairman ensures stability and continuity as the firm navigates the evolving real estate landscape. This leadership shift is poised to sustain BREIT’s impressive performance and further leverage its strengths in key growth markets.