Hazelview Investments, one of Canada’s largest private global real estate investment managers, has undergone a succession at the top as CEO Ugo Bizzarri is transitioning immediately to a new role as executive chair of the company’s board.

He will be succeeded by new co-CEOs Corrado Russo and Michael Tsourounis. Both are being promoted internally.

Bizzarri co-founded the company's forerunner, Timbercreek Asset Management, in 1999 and has been at the helm ever since, guiding its growth to become a firm with approximately $10 billion of assets under management via a range of investment vehicles, subsidiaries and entities.

In his role as executive chair, Bizzarri will be responsible for providing strategic counsel to the two new CEOs and the executive team, as well as advising on corporate strategy and the long-term direction of the firm. He will also remain a member of Hazelview’s investment committee. 

Bizzarri is one of the most recognizable figures in the Canadian commercial and multifamily real estate sector, having over 25 years of experience in the industry. Prior to founding Hazelview Investments, Bizzarri was in portfolio management at OTPPB where he played a leadership role in the strategic planning, corporate transactions/ restructuring and property acquisitions for the real estate group.

He is a graduate of the Ivey School of Business and holds the chartered financial analyst designation.

“This transition reflects a deliberate, multi-year succession strategy that ensures continuity and positions Hazelview's experienced leadership team to support the firm's next phase of growth,” the announcement Thursday morning states.

Expanded roles for Russo and Tsourounis

In addition to their roles as co-CEOs, Russo and Tsourounis will also continue as chief investment officers of Toronto-based Hazelview's public and private real estate investment platforms, respectively.

Both men have over two decades of experience with the firm and they’ve worked closely together in shaping Hazelview's strategy, culture and growth.

"This transition reflects the strength of our leadership bench and the depth we've built across the organization," Bizzarri said in the announcement. "Corrado and Michael have been instrumental in shaping our platform and are exceptionally well positioned to lead Hazelview forward. 

“I'm proud of what we've built and confident in the team driving the business ahead."

The co-CEO structure reflects Hazelview's dual-platform model across private and public real estate investment strategies.

Experience with Hazelview

Russo has built and led Hazelview's public real estate investment platform through multiple market cycles, the announcement states, developing its team and a “global business grounded in rigorous investment discipline.” He has over 25 years of experience in investment management, with prior roles spanning portfolio management, equity research and direct real estate investing.

Russo has held senior roles with Forum Securities, Citi Property Investors and the Ontario Teachers' Pension Plan.

"We have a deep bench of experienced professionals and we remain focused on delivering sustainable results for our clients," Russo said in the announcement. "I'm proud to take on this role with Michael and look forward to continuing to advance Hazelview's long-term strategy."

Tsourounis has built and led Hazelview's private real estate investment platform from the ground up, overseeing its team of professionals across multifamily investments, development, industrial and credit strategies. He is a member of Hazelview's executive committee.

"This transition is not about a change in direction – it reflects the continuity of the platform and strategy we've built," Tsourounis added. "I'm honoured to step into this role alongside Corrado, and grateful for the opportunity to build on the foundation we've established as we continue to grow the business."