Real Estate Asset & Development Manager, VP
BlackRock, Inc. & BlackRock Real Assets
BlackRock, Inc. (NYSE: BLK) is the world's largest asset manager with $5.4 trillion in assets under management across Equities, Fixed Income, Cash Management and Alternatives. BlackRock Real Assets, part of the BlackRock's Alternatives platform, manages over $32 billion in private and public real estate and infrastructure equity and debt in the US, Europe and Asia-Pacific. BlackRock's Real Assets team manages debt and equity real estate and infrastructure investments on behalf of public and private pension plans, insurance companies, foundations, endowments and private investors. The platform manages a broad array of investment strategies, including core, value-add and opportunistic, through separate accounts and commingled funds. Our extensive experience encompasses all major property types including office, industrial, retail and residential as well as energy, renewables, and general infrastructure projects.
BlackRock Real Estate Investment Management team seeks a Vice President of asset and development management in the London office. The successful candidate will have a detailed knowledge of and experience with commercial property design, construction and environmental matters, especially as they relate to institutional quality, commercial real estate investments. The candidate will also have experience and knowledge of the comprehensive development management and real estate investment process, and will understand the intricacies and dependencies of the multiple ways in which the design and construction process is tied to other key elements and aspects of a development project, including obligations to: capital partners and stakeholders (both equity and debt), governmental bodies, local authorities, insurance providers, neighbouring property owners, tenants and end-users. The individual will possess the same functional experience and knowledge as it relates to the acquisition, asset management, and dispositions of Core, Core-plus or Value Add real estate.
The candidate will support the EMEA Real Estate Investment Team responsible for sourcing and underwriting investment opportunities for one of BlackRock's flagship European Funds; Europe Property Fund IV (EPF IV). EPF IV is focused on value add/opportunistic investments across a broad range of sectors in the UK, Ireland, France, Germany, Poland, the Nordics as well as Spain and Italy (over time) with target commitments of up to €1.5bn
The candidate will be responsible for managing, monitoring and/or supervising external development partners, development managers, project managers and other third-party service providers during the design, construction, operation and on-going asset management of development and major refurbishment projects (either in collaboration with a third-party developer or directly on behalf of a client) covering all investment classes across all regions of the UK and Ireland
The role may also involve the oversight of development and active asset management initiatives associated with some key existing and future assets for the BlackRock UK Property Fund (BUKPF); maintaining the performance of these assets, defining and implementing active asset management strategies and completing their dispositions when required. This fund has a Net Asset Value of c. £3.5bn and the team comprises experienced investment management professionals based in the City of London. The primary objective is to contribute to BUKPF's goal of outperforming its benchmark.
Frequent travel required to visit potential acquisitions and to monitor ongoing projects.
- Development management of new build and heavy refurbishment real estate investment opportunities in the UK and Ireland from acquisition through to disposal including the strategic oversight of forward fund investments and the on-going asset management of completed developments.
- Assist and support portfolio and investment management teams with due diligence on potential acquisitions, including existing properties and development sites. Primary areas of due diligence focus includes but is not limited to: physical condition of existing properties; environmental assessment; planning assessment; and the development of preliminary capital budgets, including potential repairs and /or renovations of existing buildings, environmental mitigation, and/or ground-up development budgets
- Communicate and demonstrate through best practice to clients, governmental authorities, joint venture and operating partners, property managers, leasing agents, consultants and vendors (including, but not limited to, all design consultants and construction contractors), lenders, tenants and prospective tenants, community organizations, and all other stakeholders, BlackRock's commitment to: high ethical standards; compliance with governmental regulatory requirements; lasting and contextually appropriate design- and construction-quality standards; commitment to health and safety (both during construction and in the ongoing operations of existing or completed buildings); and sustainable design (in accordance with client objectives)
- Supporting the financing of assets, supporting the finance team in procuring third party debt, negotiating development related clauses, clearing debt and managing cash flow and payments
- Understand BlackRock's role and responsibilities as a fiduciary for our clients, and perform all work on behalf of BlackRock and its clients in accordance with the obligations of a fiduciary
- Advise the Fund managers on acquisition and disposal strategies
Skills and Qualifications:
- Bachelor's Degree in real estate, architecture, engineering, building surveying, construction management or a related field
- MRICS qualified or equivalent with good contacts in the asset management, development, leasing and investment agency communities
- Good knowledge of the UK real estate market
- Active asset management and development management experience with some meaningful on-site construction experience preferred
- A demonstrable track record of successfully investing in and managing real estate assets
- Broad sector experience including but not limited to commercial, retail, residential and industrial/logistics investment
- Results focused / driven / lateral thinker / good communicator / business acumen / enthusiastic / able to work under own initiative with minimal supervision
- Team player, flexible attitude, collaborative
- Good verbal and written presentation and communication skills
- Confident and capable of meeting deadlines and working under pressure
- A high level of IT competence with the ability to use Microsoft products and property management accounting programs
- Driver's License
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