The Abu Dhabi Investment Authority, the world’s largest private investor in real estate, has named a new leader for its property division.
Tom Arnold will take over as global head of real estate from Bill Schwab at the company effective June 1, according to PERE News. The company is the largest private real estate institutional investor in the world with $47 billion in assets. Its New York investments include the luxury residential development Waterline Square , the London Hotel at 151 West 54th Street and the Edition Hotel at 5 Madison Avenue, which it purchased in 2015 for about $337 million.
Schwab held his position at ADIA for nine years. ADIA’s real estate team quadrupled in size under his tenure, and the company also increased the number of projects it manages internally. ADIA is currently estimated to have up to 50 million square feet of development either underway or planned.
Schwab came to ADIA from JPMorgan, and although he is expected to stay in real estate, his next role is unclear.
Arnold came to ADIA from private equity firm Cerberus Capital Partners and has also previously worked at Credit Suisse and ING Financial Services. His current role at ADIA is deputy global head of real estate. [PERE News] – Eddie Small