The head of European real estate at one of the world’s biggest sovereign wealth funds has left the investor — the second significant departure from its European real estate business this year.

Tracy Stroh is leaving GIC after 25 years, Green Street News reported. She will leave on 30 September and return to her native U.S., with a six-month gardening leave. She does not have a new role lined up, Green Street said. 

European real estate managing director Iain Cahoon resigned from GIC in July. Cahoon will depart at the end of the year. 

Stroh joined GIC in 2001 and became head of European real estate in 2021. Since then, what was already one of the biggest investors in global real estate went on a major investment push. 

Major deals that occurred under her leadership include the recapitalisation of Blackstone’s Mileway, where GIC contributed about 20% of the equity in a deal that valued the urban logistics platform at €21B (£18B). 

UK deals included the £3.3B acquisition of Student Roost from Brookfield alongside Greystar in 2022 and the acquisition of a 75% stake in British Land’s Paddington Central office campus for £700M the same year. 

In the Netherlands, GIC bought Eindhoven Tech Campus for €1.3B in a joint venture with Oaktree Capital. And in Dublin, it completed the purchase of Horizon Logistics Park in July for €500M.

GIC has about £800B of assets under management, with a target allocation to real estate of between 9% and 13%.