Blackstone's European real estate debt team will appoint a new head after the summer.
Steve Plavin, head of Europe for Blackstone Real Estate Debt Strategies, will retire later this year after more than 12 years at the private equity giant.
David Gorleku, who is head of Europe originations in BREDS, will be named new jead of BREDS Europe.
The two men will work together on handover to ensure continuity with the changes coming into effect after the summer.
Over the last four years, Plavin has helped build BREDS Europe into a leading real estate credit platform across the Continent, having had a similar impact as chief executive of Blackstone Mortgage Trust (BXMT), it said. Plavin previously handed the BXMT reins to Katie Keenan.
Last month, Blackstone announced the final close of its most recent real estate debt fund, BREDS V, as reported. It has raised approximately $8 billion of total capital commitments in what Blackstone describes as a period of market dislocation.
BREDS Europe works with experienced real estate borrowers and says it has the scale, expertise and capital to provide financing for key real estate transactions across the UK and Europe.
It has a $16 billion loan and securities book in Europe as of the fourth quarter of 2024. Loan types range from ground-up construction financing to loans collateralised by cash flowing properties.