Julian Carey has been appointed chief executive at Industrials REIT.
Carey, who has been managing director at the 7m sq ft REIT since 2017, will take the place of founder Paul Arenson, who is stepping away from the day-to-day running of the business following its £700m sale to Blackstone.
Carey joined Industrials REIT in July 2017 when it bought C2 Capital, the 2m sq ft specialist MLI fund manager he founded in 2009.
Arenson said: “Having founded the company back in 1995, and after almost 30 years with the business before its recent sale to Blackstone, I feel that now is the right time to step back and hand the day-to-day reins of the business to Julian.”
The sale of Industrials REIT to Blackstone completed on 20 June 2023 for a total enterprise value of over £700m.
Arenson added: “Together we have built Industrials into a market-leading MLI business, with a powerful tech-enabled management platform. I am very proud of what we have achieved at Industrials and I have no doubt that Julian is the right person to lead the company through the next stage of its growth.”
Arenson, who founded the the REIT as Stenprop in 1995, plans to focus on his other business interests, while remaining as a senior strategic adviser to the business.
Carey said: “Paul’s leadership of the business over the last 28 years and foresight in identifying the potential of the MLI sector saw Industrials REIT evolve into a market-leading business. Working with him over the past six years has been an absolute pleasure and I am delighted that he has agreed to remain with us and continue to share his knowledge and experience as a senior strategic advisor.
“Under the new ownership, the company is embarking on an exciting new chapter which will bring together Industrials’ specialist MLI operating platform with Blackstone’s expertise in the capital markets to significantly grow the business.”
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