US-based investment giant Blackstone plans to sell its US properties and acquire new assets in Asia and Europe, according to recent media reports.
The private equity firm currently has the world’s largest real estate portfolio, with US$64 billion (S$81.9 billion) in assets under management. But to fund its acquisition deals outside the US, Blackstone intends to divest and list some of its property assets.
Blackstone’s Chief Executive Steve Schwarzman noted that the company raised US$14 billion (S$17.9 billion) in the second quarter alone, mainly from its credit and property businesses.
Aside from the upcoming listing of Brixmor Property Group as well as Extended Stay Hotels, Blackstone is also working on the IPO of its biggest asset, Hilton Worldwide, which it purchased in 2007 for US$25 billion (S$32 billion), including debt.
Reports added that the company is looking for suitable buyers of the US$4.5 billion (S$5.76 billion) La Quinta Inns & Suites.
Blackstone is also selling its 50 percent stake in London’s Broadgate office complex (pictured) to Singapore’s investment company GIC.
On the other hand, it will acquire 30,000 apartments from US industrial conglomerate General Electric for around US$2.7 billion (S$3.46 billion), revealed a source.
Meanwhile, the group is eyeing a US$5 billion (S$6.4 billion) European real-estate investment fund. It is also collaborating with Caisse de Depot du Quebec to purchase debt-secured-by-equity in French property investment firm Gecina.
Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
Keppel bags CSR & sustainability awards
GIC in talks for London complex, say reports
Albedo moves into property, buys 762 acres in Iskandar