Once again, The Blackstone Group has made a huge splash with its high-priced acquisitions. Last week alone, the firm made three big property acquisitions.
Blackstone Real Estate Partners VIII agreed to acquire Strategic Hotels & Resorts in deal worth $6 billion. In addition, the mega-fund purchased a free-market rental-housing portfolio in Manhattan for $690 million. And the firm acquired a 49 percent interest in the Market Square East and West office complex in Washington, D.C., for $291.6 million.
Blackstone raised $1.9 billion for real estate investment in second quarter 2015 and $18.3 billion year-to-date. The majority of Blackstone’s property activity in the first half of the year came from BREP VIII; the mega-fund closed earlier this year with $15.8 billion in equity commitments.
Other headlines this year include:
- Blackstone sells Manhattan office for $516m, buys portfolio for $700m
- Blackstone buys property in Queens for $400m
- Blackstone acquires three shopping centers for $560m
- Blackstone acquires 16 U.K. logistics assets
- South Dakota commits $334m to Blackstone fund
- Blackstone buys hotel portfolio for $1.3b
- Blackstone JV buys stake in Australian office tower
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Andrea Waitrovich is editor of IREN and web content editor of Institutional Real Estate, Inc.
