The fund is also investing more resources in private investments, which showed better results during the pandemic, sources said. The review is ongoing and ADIA has yet to make final decisions on the changes, according to People.
An ADIA spokesman declined to comment.
ADIA continues to search for new talent within the company, including a global head of real estate, following a wave of high-profile departures. Last year, Tom Arnold, former CEO of Cerberus Capital Management, left after more than a decade at the National Wealth Fund.
Pascal Duhamel, head of European real estate investments, and Anthony Bertholdi, acting head of real estate in Asia, also left the firm in the second half of 2020. Travel restrictions have slowed ADIA’s efforts to hire replacements for some positions, according to People.
Since the beginning of 2020, the pandemic shutdowns have caused serious damage to investors in a large portion of the commercial real estate market. Household orders kept shops empty and owners of such properties had to pay rent. Offices have also been dormant, with many companies now redefining their real estate needs in light of successful work-from-home arrangements.
In its latest annual review, ADIA warned that hotels and retail properties were hit hardest by the coronavirus pandemic in early 2020. Lease activities for new offices have been “largely suspended”, ADIA said, and tenants are expected to renegotiate leases or explore more flexible terms for short-term leases.
ADIA has a stake in Liverpool One mall in the North West of England. He also owns the Slough Central project, located about 20 miles west of London, where he is implementing plans to renovate two existing shopping centers.