Tom Arnold is to replace Bill Schwab as global head of real estate at the Abu Dhabi Investment Authority (ADIA).

Arnold, who is currently deputy global head and head of Americas real estate, will take up the new position on 1 June.

Schwab has overseen real estate investments at the sovereign wealth fund since his appointment at the beginning of 2009.

Arnold joined later that year from Cerberus Capital Management.

He told IPE Real Assets: “It is a great privilege and honour to continue the work and build out we started nine years ago.”

ADIA is the largest institutional real estate investor according to IPE Real Assets’ latest top 100 ranking, published this week, putting it ahead of the Dutch pensions group APG and global insurance company Allianz.