Khera leaves Blackstone to launch PRS business

Gadi Jay is taking over the former London managing director's responsibilities.

Anil Khera has left his role as a managing director in Blackstone’s real estate group in order to launch a private rented sector (PRS) development business, PERE's sister publication, Real Estate Capital, reported Friday.

Khera, who worked for Blackstone for almost 11 years, was responsible for sourcing more than €25 billion of real estate debt during the last three years in order to finance Blackstone’s European investment drive.

Following his recent departure from the investment firm, it is understood that Khera’s responsibilities are being handled by his former colleague Gadi Jay. Jay, who has been with Blackstone since April 2014, has worked closely with Khera on financing Blackstone’s burgeoning European real estate portfolio. Prior to joining Blackstone, Jay worked for five years in HSBC’s real estate finance division.

William Skinner is transferring from Blackstone’s New York real estate team to work alongside Jay on the debt capital markets side of the business.

Khera is launching a new company this October to develop PRS properties in key cities in his native Canada, the US, and the UK and Ireland. Khera, who was involved in building up the Nido student housing brand during his time with Blackstone, is aiming to create design-led, branded apartments targeted towards young professionals in inner city locations. The firm plans to partner with local companies on individual schemes.

Blackstone sourced around €13 billion of real estate debt in Europe last year, making it likely to have been the most prolific borrower of 2015. The firm closed 50 financings including a €2.8 billion loan from Credit Suisse to finance its 2014 Project Hercules purchase of Spanish residential mortgages from Catalunya Caixa. The firm also sourced finance for the European direct property element of the $23 billion purchase of GE Capital’s real estate assets, which it bought alongside Wells Fargo.

Khera joined Blackstone in January 2006, having relocated from Los Angeles, where he worked for Credit Suisse.