Investment giant BlackRock has promoted Paul Tebbit and Thomas Mueller-Borja to global co-heads of real estate, the first time that position has been held by two people, PERE reports.

BlackRock is the world's largest asset manager, with about $10T in assets under management. Real estate represents about $28B in AUM for the firm.

Mueller-Borja and Tebbit are no strangers to BlackRock or its real estate operations. Tebbit joined the company in 2011 and last year became the global chief investment officer of core real estate after serving a stint as head of real estate in Europe, the Middle East and Africa.

Mueller-Borja joined BlackRock in 2014 and was most recently the global chief investment officer of the company's value-add real estate platform, as well as co-portfolio manager of BlackRock's European value-add fund series.

The two will retain their global chief investment officer responsibilities, according to PERE.

BlackRock reported flat full-year revenues for 2023, citing the “negative impact of markets on average AUM, partially offset by higher technology service revenue.”

In January, BlackRock inked a deal to acquire infrastructure fund manager Global Infrastructure Partners for $3B in cash and about 12 million shares of BlackRock common stock. The acquisition would create a combined infrastructure platform of about $150B.