Blackstone (NYSE:BX) today announced that it has appointed Gerard Errera as Chairman of Blackstone France. Mr. Errera was until now a Special Adviser to Blackstone, a position he has held since 2009. Before joining Blackstone, Mr. Errera was Secretary General of the French Ministry of Foreign Affairs and French Ambassador to the United Kingdom. He also served as the French Ambassador to NATO and Director General for Political Affairs of the French Ministry of Foreign Affairs.
Commenting on the appointment, Stephen A. Schwarzman, Blackstone’s CEO and co-founder, said: “I am delighted that Gerard has agreed to chair our French business. France has many world-class companies with leading positions in their industries and Gerard’s advice will continue to be invaluable both in advising French companies and helping us find opportunities to invest.”
Added Ambassador Errera: “I am pleased to continue my association with Blackstone, the world’s largest alternative asset manager, in this new position. I look forward to further assisting Blackstone develop its business in France and Europe.”
As part of Blackstone’s expansion in France and Europe, the Paris-based advisory team will play a key role in growing its European financial institutions advisory practice. Most recently, Blackstone acted as exclusive financial adviser to the Private Creditor Investor Committee (consisting mainly of European financial institutions) in negotiating Greece’s € 206 billion sovereign debt restructuring.
Funds advised and managed by Blackstone have also invested in France in, by way of example, Orangina-Schweppes, office properties in Paris, hotel properties including the Trianon Palace near Versailles and Vitalia, France’s second largest healthcare provider. Earlier this year, Blackstone real estate funds acquired Motel 6 from France-based Accor for $1.9 bn. GSO, Blackstone’s credit division, has €1.6 billion invested in French domiciled businesses.
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