Blackstone Names Katie Keenan As New Chief Executive Of $325B Real Estate Platform After Former CEO’s Death: Report

Blackstone (BX) has reportedly tapped senior executive Katie Keenan to be the new chief executive of its flagship real estate income trust and oversee its Core+ property strategy, filling a key leadership post months after the fatal shooting of former CEO Wesley LePatner. 

Blackstone’s stock edged 0.15% lower in pre-market trade, but sentiment around the financial giant continued to trend in ‘bullish’ territory on Stocktwits even as chatter dropped to ‘normal’ from ‘high’ levels over the past day. 

According to a report by The Wall Street Journal, Keenan will take the helm of the $325 billion property platform’s lower-risk, income-focused investments while running the Blackstone Real Estate Income Trust (BREIT), one of the firm’s largest funds catering to individual investors.

Keenan currently serves as CEO of BXMT, Blackstone’s publicly traded commercial mortgage real-estate investment trust, and co-chief investment officer of its $77 billion real-estate debt unit. Tim Johnson, who heads the firm’s global real-estate debt business, will succeed her as CEO of BXMT, the report said.

It also noted that Keenan, a Blackstone veteran since 2012, maintained a close professional relationship with LePatner. She told the publication that stepping into the role is both an honor and a reminder of the loss, adding that LePatner would have wanted the team to move forward despite the tragedy.

The report added that BREIT has generated eight consecutive months of positive returns.  Blackstone told The WSJ that the fund raised $1.1 billion in the second quarter, noting that it was the strongest inflow in more than two years, while investor redemption requests continued to ease. 

Blackstone’s stock has gained nearly 9% this year and 21% over the past 12 months.

Read also: Tim Cook Reportedly Says Apple Watch Could Alert 1 Million Users to Hypertension This Year

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