Blackstone Australia chairman Paul Costello quits
Paul Costello, the non-executive Chairman for Australia and New Zealand at The Blackstone Group, has resigned after two years with the firm.
According to The Australian, no reason was given for his departure and there are currently no plans to name a successor. Blackstone said the move was amicable.
Costello was appointed in October, 2011. The former chairman of Australia's Future Fund and New Zealand Superannuation Fund, he had been charged with securing Blackstone more mandates from Australia's A$1.6 trillion ($1.4 trillion) superannuation industry.
Blackstone opened its Sydney office in 2010 and has made $2.5 billion worth of real estate investments in the country, notably assets held by Valad Property Group following a 2011 takeover. More recently it is reported to have bought the Home HQ North Shore shopping center in Sydney from Charter Hall Retail REIT for A$72.5 million.
The firm also been a prolific buyer of international assets from Australian sellers, picking up 65 US industrial assets owned by Dexus Property Group in 2012 and Centro Properties' US portfolio the previous year.
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