The $633B Abu Dhabi Investment Authority has a new head of real estate.

ADIA global head of real estate Bill Schwab is set to step down on 1 June and will be replaced by deputy global head and head of the Americas Tom Arnold, according to Private Equity Real Estate magazine.

ADIA is the world’s largest direct owner of real estate, with $47B of assets across the world.

Under Schwab’s leadership, ADIA has moved beyond buying dry, core assets to being a developer in major cities and a big investor in alternative real estate asset classes. PERE said it has a development pipeline of more than 50M SF globally, including the $2B Waterline Square residential development in New York and the 38-storey Tour Alto office building in Paris.

In the alternatives space, it was one of the first investors to enter the nascent U.K. multifamily sector by backing developer Fizzy Living.

Arnold joined ADIA in 2009 from private equity fund manager Cerberus.