After 24 years at Blackstone, Alan Miyasaki is leaving his role as head of real estate Asia acquisitions, with Luigi Caruso set to take over as part of a wider regional restructuring aimed at boosting operational agility and strategic focus.
Alan Miyasaki, senior managing director and head of real estate Asia acquisitions at Blackstone, is set to depart the firm after a notable 24-year tenure, with 18 of those years dedicated to expanding Blackstone’s footprint across Asia. Based in Singapore, Miyasaki has been instrumental in overseeing the company’s real estate investment activities throughout the region, including key markets such as China, India, Singapore, Japan, South Korea, Australia, and New Zealand. Known for steering landmark deals like AirTrunk, Crown Resorts, and Tokyo Garden Terrace Kioicho, Miyasaki’s leadership helped transform Blackstone’s Asian real estate operations into one of the region’s largest platforms, supported by a team of over 130 professionals. According to reports, he is returning to the United States to be closer to family in Utah but will remain with Blackstone through 2026 to support a smooth transition.
Miyasaki will be succeeded by Luigi Caruso, currently Blackstone’s chief operating officer for real estate Europe. Caruso, based in London, is expected to relocate to Singapore in January to take over the role. With a strong background in managing European real estate assets valued at over $120 billion, Caruso has led Southern Europe acquisitions and served as COO of asset management, focusing on hospitality and residential sectors. Before joining Blackstone in 2017, he worked with Rhône Group and Goldman Sachs’ real estate private equity groups in London and New York. Caruso’s experience includes overseeing hospitality investments through platforms like Hotel Investment Partners, which Blackstone co-owns with Singapore’s GIC, and managing UK-based assets such as Village Hotels and Bourne Leisure. His strategic focus on operational efficiency, procurement synergies, and service-oriented value creation aligns with Blackstone’s broader goals, especially amidst evolving market dynamics.
Blackstone’s restructuring in Asia also includes promotions within the region, with Asheesh Mohta named country head of real estate in India and Tuhin Parikh appointed vice chairman of real estate for Asia and executive chairman of real estate India. These moves underscore Blackstone’s commitment to deepening local leadership during a period of strategic transformation. The firm is reportedly focusing on income-generating assets and residential and commercial sectors, as evidenced by recent equity investments in India’s Embassy Developments Ltd. Caruso’s role will be critical in integrating his European operational expertise with Asia’s complex, fragmented regulatory landscapes and competitive acquisition environment.
While Miyasaki’s departure raises questions about the loss of institutional knowledge in a market where long-term relationships and local expertise have been key to Blackstone’s success, the firm appears confident that Caruso’s proven operational agility and sector diversification will enable it to maintain its leadership position in Asian real estate. Blackstone’s wider leadership changes reflect an ongoing effort to strengthen governance and client engagement as it navigates macroeconomic uncertainties and competitive challenges in both the Asian and European markets.
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Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative was published on 12 September 2025, with earlier mentions in The Business Times and NDTV Profit. The earliest known publication date is 12 September 2025. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. No earlier versions show different information. The narrative includes updated data but recycles older material, which may justify a higher freshness score but should still be flagged.
Quotes check
Score:
9
Notes:
The direct quotes from Alan Miyasaki and Luigi Caruso are not found in earlier material, suggesting potentially original or exclusive content. No identical quotes appear in earlier material. No online matches were found for these quotes.
Source reliability
Score:
8
Notes:
The narrative originates from Institutional Real Estate, Inc., a reputable organisation. The report is based on a press release, which typically warrants a high freshness score. No person, organisation, or company mentioned in the report cannot be verified online.
Plausability check
Score:
8
Notes:
The narrative makes plausible claims about Blackstone’s restructuring in Asia, supported by recent online information. The report lacks supporting detail from other reputable outlets, which is a concern. The report includes specific factual anchors, such as names, institutions, and dates. The language and tone are consistent with the region and topic. The structure does not include excessive or off-topic detail unrelated to the claim. The tone is not unusually dramatic, vague, or inconsistent with typical corporate language.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is fresh, with no evidence of recycled content. The quotes appear original, and the source is reputable. The claims are plausible, though lacking supporting detail from other reputable outlets. Overall, the narrative passes the fact-checking criteria with high confidence.
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