Real Estate
Our Approach
$93 billion

total assets under management
$27 billion

available capital to invest

Core+: Taking the Long View in Real Estate

  • Through our Core+ platform, we invest capital for the long term.
  • The platform targets more stable real estate with lower leverage and higher current income than our opportunistic funds, investing directly in U.S. office, industrial, retail, and apartment properties.

Opportunistic Investment Philosophy: Buy it, fix it, sell it

  • Buy it – We acquire high-quality, income-producing assets at discounts to replacement costs.
  • Fix it – We rapidly and proactively address any capital structure, physical, or operating issues pertaining to the investment.
  • Sell it – Once issues are addressed we sell the investments in our opportunistic portfolio, typically to core investors. Our average hold period has been slightly more than three years; between 2005 and 2007 we sold more than $60 billion of assets.

Consistent Team and Investment Process:

  • The Investment Committee, which approves every Blackstone real estate investment throughout the world, has had the same co-chairs for 20 years.
  • Twenty Senior Managing Directors in the real estate group have been at Blackstone for more than 10 years.
  • Blackstone’s interests are aligned with its limited partners – the firm and its professionals have invested/committed approximately $3 billion to our real estate funds.

Operating Advantages:

  • Extensive relationships with owners, lenders and intermediaries.
  • Broad reach and market knowledge from dedicated operating platforms and a seasoned global asset management team.
  • Unique ability to move with scale and speed.

Today, Blackstone is uniquely positioned to benefit from a favorable opportunistic investment environment:

  • Sellers are often distressed ownership structures impaired by excessive leverage, or public companies seeking to exit in scale;
  • Limited availability of debt and equity capital; substantially less competition from other opportunistic real estate funds;
  • New supply in virtually every real estate sector remains near record lows;
  • Economic fundamentals have begun to stabilize and improve.
All numbers are as of September 30, 2015.


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