The Blackstone Group Corp. NYSE: BX fundusz private equity

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Re: The Blackstone Group Corp. NYSE: BX fundusz private equity

Postautor: slayer74 » 15 lut 2022 11:43

Blackstone, partners bet $24 billion on hunger for urgent delivery

LONDON (Reuters) -Blackstone Inc is leading a 21 billion euro ($23.81 billion) recapitalisation of Mileway, the biggest operator of urban warehouses in Europe, as the private equity giant increases its bet on demand for rapid goods delivery.

Rather than list or seek a private sale, the U.S. investor is opting to recapitalise the logistics company, Europe's largest owner of last-mile logistics, as consumers worldwide increasingly demand same-day delivery of food and other items.

"Logistics is one of our highest conviction themes globally and the sector continues to prove its resiliency and strong growth potential," James Seppala, Blackstone (NYSE:BX)'s head of Real Estate Europe, said.

Blackstone launched Mileway in 2019 to operate the more than 1,000 logistics assets the private equity firm has bought to build up its last-mile business to deliver goods to tenants in its properties.

Existing investors in Mileway have been offered a chance to retain or increase their shareholding, or exit for cash, the company said.

The recapitalisation is subject to a "go-shop" process, which will start immediately and will run for up to 75 days, Blackstone said.

That process allows Mileway time to see if a better deal can be found for shareholders.

Mileway has over 1,700 assets across 10 major European countries with a team of over 350 employees across 26 offices, according to the company's website.

Blackstone said the majority of the funding for the recapitalisation would come from existing investors.
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Re: The Blackstone Group Corp. NYSE: BX fundusz private equity

Postautor: slayer74 » 21 kwie 2022 15:14

Blackstone (NYSE:BX) stock rose pre 5% after the asset manager reported its first quarter distributable earnings jumped 63%, boosted by a strong performance from its real estate and credit businesses.
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Re: The Blackstone Group Corp. NYSE: BX fundusz private equity

Postautor: slayer74 » 26 kwie 2022 01:00

(Reuters) -Blackstone Inc on Monday agreed to buy real estate investment trust (REIT) PS Business Parks (NYSE:PSB) for $7.6 billion, including debt, as dealmaking activity in the real estate sector continues to thrive in the aftermath of the COVID-19 pandemic.

As part of the take-private deal, Blackstone (NYSE:BX) said its real estate affiliates will pay $187.50 cash to shareholders of PS Business Parks, representing a 12% premium from the stock's closing price last week.

California-headquartered PS Business Parks operates a portfolio of industrial, business parks, office buildings, and multifamily properties located across California, Florida, Texas and northern Virginia.

Mergers and acquisitions (M&A) activity involving REITs reached a record high in 2021, driven by a robust U.S. housing market, availability of cheap capital from low interest rates, and strong economic recovery from the pandemic.

Blackstone, the world's largest real estate investor, has been a prolific acquirer of REITs, helping drive transaction volumes in the sector to $140 billion in 2021, up from $17 billion in the previous year, according to real estate services provider JLL.

Blackstone has already agreed to buy three REITs this year alone. Last week, it struck a deal to acquire student housing REIT American Campus (NYSE:ACC) Communities Inc in a $12.8 billion deal.

It also agreed to pay $5.8 billion cash to buy multifamily housing REIT Preferred Apartment Communities (NYSE:APTS) in February, and in January, it announced a deal to purchase non-publicly traded Resource REIT Inc for $3.7 billion.

Blackstone said its acquisition of PS Business Parks is expected to close in the third quarter of this year.

Simpson Thacher & Bartlett LLP, Wachtell, Lipton, Rosen & Katz, J.P. Morgan, and Eastdil Secured acted as advisers on the transaction.
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Re: The Blackstone Group Corp. NYSE: BX fundusz private equity

Postautor: slayer74 » 12 paź 2022 14:28

(Reuters) - Life insurer Resolution Life said on Wednesday it had raised $500 million from Blackstone (NYSE:BX) Inc, while also signing a partnership deal with the asset manager.

Blackstone will manage some of Resolution's investments in areas like private credit and real estate under terms of the agreement, the insurance group said.
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Re: The Blackstone Group Corp. NYSE: BX fundusz private equity

Postautor: slayer74 » 31 paź 2022 15:38

(Reuters) -Emerson Electric Co will sell a majority stake in its climate technologies unit to Blackstone (NYSE:BX) Inc in a deal that values it at $14 billion, the latest revamp by the U.S. industrial firm as it focuses on the booming automation market.

The company said on Monday it will receive an upfront payment of about $9.5 billion, which it will use to scoop up more companies, especially in the automation segment.

Emerson (NYSE:EMR)'s shares rose about 3.8% before the bell as the company also beat fourth-quarter earnings and revenue.

The company is accelerating its software strategy to capture the increasing shift among businesses to automate their operations as they struggle with a shortage of factory workers.

It sold its unit that makes waste disposal equipment and hot water dispensers to Whirlpool Corp (NYSE:WHR) and merged its software units with smaller rival Aspen Technology (NASDAQ:AZPN).

Emerson, which will retain about 45% stake in the climate tech unit, said Blackstone and co-investors Abu Dhabi Investment Authority and GIC, would contribute $4.4 billion in equity toward the deal, which would be supplemented by $5.5 billion of debt financing.

The deal, expected to close in the first half of 2023, is the latest in a flurry of private equity transaction this year as valuations tumble amid a selloff in equities on recession worries.

The Climate Technologies business, which will be structured as a joint venture, generated net sales of $5 billion in fiscal 2022. The unit includes its Copeland compressor business and products and services across residential and commercial heating and cooling.

"The business is poised for accelerated growth as it leads the way in helping consumers and businesses shift to more energy-efficient heating and cooling products as part of their carbon reduction efforts," global head of Blackstone Private Equity Joe Baratta said.
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Re: The Blackstone Group Corp. NYSE: BX fundusz private equity

Postautor: slayer74 » 12 lis 2022 23:47

Italy's Benettons, Blackstone set to complete Atlantia buyout bid -sources

MILAN (Reuters) -The Benetton family and U.S. investment fund Blackstone (NYSE:BX) aim to press ahead with their offer for Italy's Atlantia, sources said on Friday, after their takeover bid fell just short of the required 90% threshold.

The bidders' vehicle named Schema Alfa has set an acceptance threshold of 90% for the offer to be valid - targeting the level that triggers the delisting of the company.

At the end of the tender period, Schema Alfa owned 87.35% of Atlantia's capital, Reuters calculations on bourse data showed on Friday, when including the stake already owned by the Benetton family.

The Benetton family and Blackstone are ready to waive the 90% threshold validity condition, sources close to the matter told Reuters.

This means that Schema Alfa would pay for the shares that were tendered so far and the offer would be reopened for five days starting on Nov. 21, according to the offer's documents.

Bidders would therefore be given a new chance to achieve the targeted 90% ownership of Atlantia's capital.

The results of the Atlantia bid follow a failure last month by the Della Valle brothers to buy out other shareholders in Italian fashion group Tod's when their takeover offer fell below the targeted 90% ownership threshold.

The Della Valle family is weighing whether to still push ahead with the proposed de-listing of the group.

The enterprise value of the Atlantia deal was around 54 billion euros based on Atlantia's debt level at the end of last year. That makes it the fourth biggest deal worldwide announced so far this year, according to Refinitiv data.

Atlantia shares closed at 22.74 euros on Friday, just below the 23 euros per share Schema Alfa is offering to pay.

The Benettons began the bid with Blackstone in April after they rejected an approach by investment funds Global Infrastructure Partners (GIP) and Brookfield to acquire Atlantia and hand its motorway concessions to Florentino Perez's Spanish construction group ACS.

https://www.investing.com/news/stock-ma ... ld-2942107
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Re: The Blackstone Group Corp. NYSE: BX fundusz private equity

Postautor: slayer74 » 02 gru 2022 00:05

Blackstone Real Estate Income Trust (BREIT) (NYSE:BX) said Thursday that it has been facing withdrawal requests exceeding its quarterly limit.

As a result, the firm said it will need to limit repurchase requests, so it does not exceed the repurchase structure that was designed to prevent a liquidity mismatch and maximize long-term shareholder value.

Following the news, Evercore ISI said the pick-up in BREIT redemption requests is hurting Blackstone.

"Blackstone released a notice to BREIT shareholders that BREIT redemption requests have picked up and that Blackstone will be repurchasing ~$3bn so far in the quarter (for October and November) and, going forward, Blackstone will stick to the 2% of NAV monthly limit or 5% of NAV quarterly limit repurchases. If you do the math on the current ~$69bn of NAV, that equates to a maximum repurchase of ~$3.45bn per quarter," wrote the analysts.

"We think this is a unique case as investors may be having some concerns about the real estate market and selling a strong performing product (9.3% YTD return, 4.4% pre-tax yield or 6.9% tax-equivalent annualized distribution rate, 15.5% 3-year annualized return) for liquidity & fears of what higher rates mean to housing & the economy. Our sense is most of the repurchase requests are coming from non-U.S. investors as the strong dollar is playing a role here too," they added.

Elsewhere, BMO Capital Markets analysts stated they expect investors will reassess the multiple they place on Blackstone earnings from more procyclical Retail Alts products.

"We are surprised that BREIT is limiting redemptions at this point, given recent comments around liquidity levels/other flexibility. In the near term we expect BREIT inflows to drop to essentially zero, while there will presumably be a significant increase in new redemption requests, which will only be filled on a prorated basis. This naturally creates a backlog of redemption requests that we expect will take a number of quarters to be digested," they wrote.

Blackstone shares are down over 6% so far Thursday.
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Re: The Blackstone Group Corp. NYSE: BX fundusz private equity

Postautor: slayer74 » 02 gru 2022 14:05

All eyes will be on the REIT sector later after Blackstone (NYSE:BX) shocked the market on Thursday with news that it refused to satisfy more than half of redemption requests from investors in its flagship private real estate fund in November.

The $125 billion Blackstone Real Estate Income Trust has been hit by wealthy Asian investors in particular trying to raise cash at the end of a difficult year. Property funds have been one of the sectors hardest hit by the rise in global interest rates this year, due to their own widespread use of debt.

Additionally, as a private fund, BREIT has not had to mark its investments down to market as actively as comparable publicly traded funds. That has created a wide valuation gap and a clear arbitrage possibility.

As such, while fears about the short-term performance of REITs remains, initial fears of a systemic problem may be overblown. Blackstone stock fell another 2.3% in premarket after
falling over 7% on Thursday.

Wszystkie oczy będą zwrócone na sektor REIT później po tym, jak Blackstone (NYSE:BX) zaszokował rynek w czwartek wiadomością, że odmówił spełnienia ponad połowy wniosków o umorzenie złożonych przez inwestorów w swoim flagowym prywatnym funduszu nieruchomości w listopadzie.

Fundusz Blackstone Real Estate Income Trust o wartości 125 miliardów dolarów został uderzony przez bogatych inwestorów azjatyckich, w szczególności próbujących zebrać gotówkę pod koniec trudnego roku. Fundusze nieruchomości były jednym z sektorów najbardziej dotkniętych wzrostem światowych stóp procentowych w tym roku, ze względu na ich własne powszechne korzystanie z długu.

Dodatkowo, jako fundusz prywatny, BREIT nie musiał tak aktywnie wyceniać swoich inwestycji na rynek, jak porównywalne fundusze notowane na giełdzie. Stworzyło to szeroką lukę w wycenie i wyraźną możliwość arbitrażu.

W związku z tym, chociaż utrzymują się obawy co do krótkoterminowych wyników REIT-ów, początkowe obawy dotyczące problemu systemowego mogą być przesadzone. Akcje Blackstone spadły o kolejne 2,3% w przedsprzedaży po spadku o ponad 7% w czwartek.
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Re: The Blackstone Group Corp. NYSE: BX fundusz private equity

Postautor: slayer74 » 26 sty 2023 14:09

Latest Release
Jan 26, 2023

EPS / Forecast
1.07 / 0.97

Revenue / Forecast
2.34B / 2.82B
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Re: The Blackstone Group Corp. NYSE: BX fundusz private equity

Postautor: slayer74 » 26 sty 2023 14:14

NEW YORK (Reuters) - Blackstone (NYSE:BX) Inc said on Thursday its fourth quarter distributable earnings fell 41% year-on-year as the world's largest manager of alternative assets cashed out fewer investments across its key portfolios.

Distributable earnings, which represents the cash used to pay dividends to shareholders, fell to $1.3 billion from $2.3 billion a year earlier. That translated to distributable earnings per share of $1.07, which surpassed the average analyst estimate of 95 cents, according to financial data provider Refinitiv.

Higher interest rates, inflation, recession worries, and geopolitical tensions from the Russia-Ukraine conflict have prevented private equity firms like Blackstone from selling assets for top dollar.

Blackstone said its net profit from asset sales fell sharply by 55% to $366.9 million during the fourth quarter to December, down from $817.5 million a year earlier.

Blackstone's closely watched fee-related earnings fell 39% to $1.1 billion. The firm has faced rising redemptions at its flagship real estate income trust (BREIT), which contributes about 17% to its earnings.

Financial market turbulence also weighed on the quarterly performance of Blackstone's funds.

Its opportunistic and core real estate funds depreciated by 2% and 1.5%, respectively. Secondary funds fell 1.8% while corporate private equity and private credit funds gained 3.8% and 2.4%, respectively. By contrast, the benchmark S&P 500 index rose 7.08% in the fourth quarter.

Under generally accepted accounting principles, Blackstone reported net income of $557.9 million, down 60% from $1.4 billion in the prior year owing to investment losses.

Blackstone generated net accrued performance revenues of $6.8 billion, spent $18.7 billion on new acquisitions, raised $43.1 billion of new capital, and retained $186.6 billion of unspent capital. It ended the quarter with $974.7 billion of total assets under management and declared a quarterly dividend of 91 cents per share.
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Re: The Blackstone Group Corp. NYSE: BX fundusz private equity

Postautor: slayer74 » 22 lut 2023 13:08

NEW YORK (Reuters) - Melvin Ike, a managing director in Blackstone (NYSE:BX) Inc's tactical opportunities group, has resigned to start his own investment firm, the private equity firm told Reuters.

Ike's resignation was announced during a meeting of Blackstone's tactical opportunities fund investors held last week in New York, the firm said in a statement on Tuesday.

He joined Blackstone in 2019 after spending four years at hedge fund manager Third Point LLC in addition to two-year stints at private equity firm TPG Inc and investment bank Lazard (NYSE:LAZ) Ltd.

Ike's transactions for Blackstone's tactical opportunities unit include the sale of a majority stake in Wisconsin-based home improvement lender Aqua Finance for $1 billion to Apollo Global Management (NYSE:APO) in 2021.

He also led Blackstone's acquisition of a majority stake in collectibles authentication firm Certified Collectibles Group as well as the minority investments in digital marketing firm Recurrent Ventures and Cybersecurity firm Geocomply.

Ike, 38, was among the handful of senior Black executives at Blackstone. Others are Verdun Perry, who runs Blackstone's secondaries business; Christopher James, the chief operating officer of tactical opportunities unit; and Carlos Whitaker, who serves as a senior managing director at Blackstone Credit focused on direct lending.

"Blackstone is an incredible organization in every respect and its commitment to excellence in its investment process is equally matched by its commitment to the diversity of those making investment decisions," Ike said in a statement.

Blackstone's tactical opportunities unit, which is run by David Blitzer, invests in assets that typically fall outside the scope of the firm's other funds, from timber and mines to oil tankers and satellites. It has about $34 billion in assets under management.
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Re: The Blackstone Group Corp. NYSE: BX fundusz private equity

Postautor: slayer74 » 26 lut 2023 13:08

(Reuters) -Blackstone Inc Chief Executive Officer Steve Schwarzman took home about $1.26 billion in pay and dividends for 2022, a regulatory filing showed.

Schwarzman received more than $1 billion in dividends from his Blackstone (NYSE:BX) shares and $253.1 million in compensation, filing showed on Friday.

Goldman Sachs Group Inc (NYSE:GS) slashed compensation for CEO David Solomon by 29% to $25 million for 2022, while JPMorgan Chase & Co (NYSE:JPM) CEO Jamie Dimon's total compensation was unchanged at $34.5 million.

Schwarzman, who was among Wall Street's biggest contributors to Donald Trump's 2020 re-election campaign, said in November that he will not back Trump in 2024.

Higher interest rates, inflation, recession worries and geopolitical tensions from the Russia-Ukraine conflict have prevented private equity firms like Blackstone from selling assets for top dollar.

Blackstone's net profit from asset sales fell sharply by 55% to $366.9 million during the fourth quarter, down from $817.5 million a year earlier.

The company posted distributable earnings of $6.6 billion in 2022, which was up 7% year-over-year.

"In 2022, Blackstone delivered record distributable earnings, $226 billion in inflows, and realized a number of the most profitable fund investments in our history," a Blackstone spokesperson said in an emailed statement to Reuters.

Schwarzman owns about 230 million shares in Blackstone according to a filing from February, and the company paid $4.40 in annual dividend, filings showed.

The world's largest private equity firm has been dealing with rising redemptions at its flagship real estate income trust (BREIT), prompting it to exercise its right to block investor withdrawals at 5% of the quarterly net asset value of the fund.

Blackstone ended the quarter with $974.7 billion of total assets under management and declared a quarterly dividend of 91 cents per share. Blackstone had set a target of reaching $1 trillion in assets by the end of 2022, an ambition it had brought forward from 2026.
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Re: The Blackstone Group Corp. NYSE: BX fundusz private equity

Postautor: slayer74 » 07 mar 2023 23:41

Blackstone-Thomson Reuters launch sale of $2 billion LSE Group stake

LONDON (Reuters) -An investor consortium including Blackstone (NYSE:BX) and Thomson Reuters (NYSE:TRI), the parent company of Reuters News, is selling 1.7 billion pounds ($2.01 billion) worth of shares in the London Stock Exchange Group (LON:LSEG) to trim its joint stake.

Investment banks managing the sale of 23 million LSEG shares had orders for all the stock in the offering, according to bookrunner messages seen by Reuters after close of markets on Tuesday.

The transaction follows the publication of LSEG's 2022 earnings last week, which showed an increase in total income to 7.74 billion pounds from 6.54 billion pounds the year prior, beating analysts expectations.

Separately, the bourse operator plans to buy back up to 750 million pounds of stock from the Blackstone-Thomson Reuters consortium by April 2024.

U.S. technology giant Microsoft (NASDAQ:MSFT) previously agreed to purchase a 4% stake from the consortium as part of a wider strategic partnership with LSEG in December.

Blackstone and Thomson Reuters have been shareholders in LSEG since they sold financial data provider Refinitiv to the UK group in 2021, in a landmark deal valued at $27 billion.

Following the latest stake sale, the consortium will not be able to offload any further shares for a 90-day period, according to a bank term sheet.

Barclays (LON:BARC), Citi, Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) are joint global coordinators on the transaction, with Blackstone's own capital markets unit acting as co-lead manager.

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Re: The Blackstone Group Corp. NYSE: BX fundusz private equity

Postautor: slayer74 » 11 kwie 2023 18:01

(Reuters) - Blackstone (NYSE:BX) Inc said on Tuesday it had raised $30.4 billion for its latest global real estate fund, as the private equity behemoth looks to double down on the industry.

The fund, called Blackstone Real Estate Partners X, is 48% bigger than the asset management giant's previous real estate fund which closed in 2019.

Blackstone has been focusing its portfolio on logistics, rental housing, hospitality, lab office and data centers, shifting away from assets like traditional office and malls that are facing headwinds from a post-pandemic adoption of flexible work and surge in e-commerce.

"Sector selection has never been more critical as we witness the bifurcation of performance within real estate," Ken Caplan, global co-head of Blackstone Real Estate, said in a statement.

Blackstone shares were up nearly 1% in premarket trading.
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Re: The Blackstone Group Corp. NYSE: BX fundusz private equity

Postautor: slayer74 » 27 cze 2023 14:29

Blackstone weighing offers for Bellagio casino stake - Bloomberg News

(Reuters) - U.S. investment giant Blackstone (NYSE:BX) Inc is fielding offers for half of its interest in the real estate of the Bellagio hotel in Las Vegas, Bloomberg News reported on Monday.

The investment firm is considering its options and has not committed to a sale, the report said, citing people familiar with the matter.

Blackstone had bought Bellagio from MGM Resorts (NYSE:MGM) International for $4.25 billion in 2019.

New York-based Blackstone has been cashing out of its real-estate positions. On Monday, it said it would sell industrial properties for $3.1 billion to Prologis (NYSE:PLD) Inc.

Blackstone did not immediately respond to a Reuters request for comment, while MGM declined to comment.

https://www.investing.com/news/stock-ma ... ws-3113687
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