
MacDonald will continue in his current role as CIO of APAC real estate equity
BlackRock has promoted Hamish MacDonald to head of Asia Pacific real estate equity, succeeding 16-year veteran John Saunders, who is leaving the world’s largest asset manager.
While retaining his role as chief investment officer of APAC real estate equity, MacDonald will become co-portfolio manager of all vintages in the APAC Real Estate Value-Add Fund series and join BlackRock’s global real estate executive committee, a representative confirmed to Mingtiandi on Thursday.
Saunders is shifting to a new job at an APAC-based real estate company. His service with BlackRock dates back to 2007, including his years with Macquarie-affiliated fund manager MGPA, which was acquired by the Manhattan-based giant in 2013.
“During his tenure, John has led a high-performing investment team to raise and deploy capital through market cycles,” BlackRock said. “This has been greatly assisted by his fiduciary mindset and track record in helping clients achieve their goals via our APAC Real Estate Value-Add Fund series, as well as separate mandates such as Asia Square in Singapore.”
Aussie Roots
A native Australian, MacDonald joined MGPA in 2007 as head of UK acquisitions. After MGPA was bought by BlackRock, he became head of real estate for Australia and served in the role for nearly eight years.

John Saunders is leaving BlackRock after 16 years
MacDonald took charge of APAC real estate investments in 2019, leading the origination, evaluation and execution of investments, managing the business plan, advising on hold/sell and ultimate disposition.
“He has led the APAC real estate investment team through significant growth and market dynamics, evidenced in particular by the successful strategies he has driven and diversified portfolio he built for Asia Fund V,” BlackRock said.
The University of Sydney grad previously held management positions at Colliers, Mirvac, LaSalle and Cordea Savills (now Savills Investment Management) before joining BlackRock.
Ju’s Role Expands
As part of the leadership transition, Stella Ju will expand her existing portfolio management responsibilities to become co-portfolio manager of the APAC Real Estate Value-Add Fund series.
BlackRock described Ju as one of the most seasoned members of the APAC real estate leadership team, with more than 20 years of experience.
Reporting to MacDonald, Hong Kong-based Ju will work alongside him to continue her oversight of management and governance of funds and will join BlackRock’s global and Asia value-add real estate investment committees.
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