• Economy - Money - Finance - Investments - Investment management - Investment funds - Real estate investment trusts - Blackstone Real Estate Income Trust
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• https://www.breit.com/ ; https://www.blackstone.com/our-businesses/real-estate/
• COMMENT (2022-12-31): there is no Wikipedia article for the "Blackstone Real Estate Income Trust" (BREIT).
• This is the main entry for the "Blackstone Real Estate Income Trust" (BREIT).
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• curation date: 2022-12-31
• Blackstone Inc. is an American alternative investment management company based in New York City.
Blackstone operates through four primary departments: private equity; real estate; hedge funds; and credit.
Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate.
Blackstone is also active in credit, infrastructure, hedge fund solutions, insurance solutions, secondaries and growth equity.
As of Q3 2022, the company's total assets under management were approximately $951 billion USD, making it the largest alternative investment firm globally.
In 1991, Blackstone created its Europe unit and launched its real estate investment business with the acquisition of a series of hotel businesses under the leadership of Henry Silverman.
In 1997, Blackstone completed fundraising for its third private equity fund, with approximately $4 billion of investor commitments and a $1.1 billion real estate investment fund.
Blackstone Real Estate Advisers, its real estate affiliate, bought the Watergate complex in Washington D.C. in July 1998 for $39 million and sold it to Monument Reality in August 2004. ... While Blackstone was active on the corporate investment side, it was also busy pursuing real estate investments. ... REAL ESTATE.
Blackstone's most notable real estate investments have included EQ Office, Hilton Worldwide, Trizec Properties, Center Parcs UK, La Quinta Inns & Suites, Motel 6, Wyndham Worldwide, Southern Cross Healthcare and Vicinity Centres.
The purchase and subsequent IPO of Southern Cross led to controversy in the U.K. Part of the purchase involved splitting the business into a property company, NHP, and a nursing home business, which Blackstone claimed would become "the leading company in the elderly care market".
In May 2011, Southern Cross, now independent, was almost bankrupt, jeopardizing 31,000 elderly residents in 750 care homes.
It denied blame, although Blackstone was widely accused in the media for selling on the company with an unsustainable business model and crippled with an impossible sale and leaseback strategy.
After the 2007-2010 subprime mortgage crisis in the United States, Blackstone Group LP bought more than $5.5 billion worth of single-family homes to rent, and then be sold when the prices rise.
In 2014, Blackstone sold Northern California office buildings for $3.5 billion.
The buildings sold in San Francisco and Silicon Valley included 26 office buildings and two development parcels.
In 2018, a critique was raised regarding a purchase agreement on several hundred apartments in Frederiksberg, Denmark, between Blackstone's Danish partner North 360 and Frederiksberg Boligfond, a non-profit housing organization established by Frederiksberg Municipality in 1930.
After a resistance of residents and questions regarding the legality of the purchase agreement, Blackstone withdrew from it in October 2019.
On December 1, 2022, Blackstone Inc. restricted withdrawals from its $125 billion real estate investment fund BRIET due to a surge in redemption requests from investors.
The move caused investor consternation and limited the ability to attract new capital for BRIET. ... CRITICISM.
UNITED NATIONS CONDEMNATION OF THE INVITATION HOMES PROJECT AND LOBBYING EFFORTS.
In 2019, a United Nations report found that Blackstone's massive purchasing of single-family homes after the financial crisis of 2007-2008 had "devastating consequences." The report alleged that Blackstone had abused tenants with exorbitant fees, rent hikes, and aggressive eviction practices, and that Blackstone's real estate practices had a disproportionate impact on communities of color, in part because the company targeted foreclosures resulting from subprime loans.
The report also condemned Blackstone for "using its significant resources and political leverage to undermine domestic laws and policies that would in fact improve access to adequate housing." Blackstone spent at least $6.2 million to defeat California's Proposition 10, which would have allowed cities to enact rent control.
Blackstone is a member of the Real Estate Roundtable, a special interest group which spends millions on lobbying and political donations every year.
United Nations housing rapporteur Leilani Farha and Surya Deva, chair of the U.N. Working Group on Business and Human Rights, criticized Blackstone's business practices, including frequent rent increases and "aggressive" evictions, for contributing to the global housing crisis.
Blackstone disputed these claims.
• https://en.wikipedia.org/wiki/Blackstone_Inc.#Real_estate
• The Blackstone Real Estate Income Trust (BREIT) provides individuals access to Blackstone Real Estate, the world's largest commercial real estate owner with a 30+ year proven track record of success across market cycles.
We are high conviction, thematic investors focused on growth sectors we believe will benefit in an inflationary environment.
Nadeem Meghji, Head of Real Estate Americas, addresses how BREIT has delivered exceptional performance amid market volatility.
Stockholders can learn more in the replay of our recent event with Jon Gray (Jonathan Gray, President and Chief Operating Officer of Blackstone) and Nadeem Meghji.
BREIT's portfolio of income-generating real estate is ~70% concentrated in the fast-growing South and West; ~80% focused on the top performing rental housing and industrial sectors; and benefits from ~90% fixed-rate financing, Source (2022-12-31): https://www.breit.com/
• see also: Business - Companies - Blackstone Inc.
• Society - Social issues - Economic problems - Economic inequality - Affordable housing - Blackstone Inc.