Stuart Grant, who leads asset management for Blackstone Real Estate’s investments in Asia Pacific, will be stepping down from the US alternative investment giant to join London-focused developer Stanhope Plc as Managing Director later this year.
Grant currently serves as Senior Managing Director and Head of Real Estate Asset Management for Asia Pacific at Blackstone, based in Hong Kong, a position he has held since 2011. The seasoned financial services and real estate executive will join Stanhope effective September 3 and will become a shareholder, according to a statement by the firm.
Grant will relocate from Hong Kong to London to take the new role, after an 18-year career at Blackstone.
“It has been a pleasure working with Stuart over the years in both Europe and Asia and I would like to thank him for everything he has done at Blackstone,” said Chris Heady, Blackstone’s head of Asia real estate in a comment to Mingtiandi. “I understand his desire to return to the UK and we wish him well in his next role.”
Blackstone Veteran Heads Back to London
Prior to joining Blackstone, Grant worked as an International Executive at Asia-focussed conglomerate Jardine Matheson in Hong Kong for nearly a decade. He joined Blackstone’s London office in 2000 and helped set up the New York-based firm’s real estate private equity business in Europe. In 2010 Grant moved to Hong Kong to help Blackstone build its Asia Pacific business.
Blackstone’s corporate website indicates that Grant has responsibility for day-to-day asset management for all of the Real Estate Group’s investments in Asia Pacific and also oversees the MB Asia Real Estate Fund, a vehicle focused on the region.
Blackstone Real Estate is the world’s largest real estate private equity firm with $115 billion of assets under management globally. Veteran Chinese real estate executive Yan Yan joined the company as a managing director with its Asia real estate team last month, after stepping down as president of commercial developer Soho China.
Stanhope Boosts Leadership with Asset Management Pro
“For over 30 years Stanhope has been at the forefront of investing in, developing and managing landmark real estate projects in London,” commented Grant in a statement by the developer. “Stanhope has a reputation for being continuously focused on innovation and excellence and has worked alongside some of the leading institutional investors from around the world.”
“The years ahead will be exciting as we build on the firm’s historic reputation and look to expand into new business areas,” he added.
David Camp will retain his role as CEO of Stanhope following the move, with Grant positioned to work alongside the 31-year veteran of the company. Founded in the 1980s, Stanhope is owned by its management along with Japanese developer Mitsui Fudosan and Canadian pension fund manager Alberta Investment Management Corporation (AIMCo). The firm has delivered £25 billion ($35.5 billion) of projects, mainly mixed-use and commercial developments in London and South East England.
Stanhope is the developer behind Chiswick Park, a landmark, 33-acre business park in west London owned by Chinese sovereign wealth fund China Investment Corporation (CIC). Blackstone bought the development for £480 million in 2011 before selling most of the property to CIC for about £780 million, in a deal that was completed in January 2014. Blackstone retained one building of the 12-building development and continues to act as asset manager of the entire park.
Stanhope is also known for redeveloping the BBC Television Centre, an iconic, labyrinthine building in west London that served as the headquarters of BBC Television for over 50 years, into a residential and commercial complex after buying the site for £200 million in 2012. The first residents of the 950 apartments began to move in this past February after four years of construction.
AIMco and Mitsui, which provided financial backing for the regeneration project, acquired stakes in Stanhope of 10 percent and 15 to 25 percent, respectively, in 2012.