Real Estate

Who We Are

We are the largest real estate private equity firm in the world today with $103 billion of assets under management. We operate around the globe with investments and people in North America, Europe, Asia and Latin America. We seek to generate attractive risk-adjusted returns for our investors across cycles and over the long term. The Blackstone Real Estate platform encompasses investments across the risk spectrum from opportunistic to core+ to debt.

We seek to acquire high quality investments at discounts to replacement cost. We then improve the properties through hands-on management and targeted value-add initiatives. Our efforts result in solid returns for investors and strong economic assets for communities. Blackstone’s real estate portfolio includes office, retail, hotel, industrial and residential properties. Major holdings include Hilton Worldwide, Invitation Homes (single family homes), Logicor (pan-European logistics), SCPG (Chinese shopping malls), and prime office buildings in the world’s major cities. Blackstone real estate also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust (NYSE:BXMT).

A Message from Jon Gray, Global Head of Real Estate

$103b of
Investor Capital

Blackstone’s proprietary data enables it to target specific themes with conviction and deploy significant amounts of discretionary capital. Blackstone Real Estate deployed more than $62.5b of discretionary capital since the global financial crisis.

Over $200b* Value of
Gross Assets

The breadth of Blackstone Real Estate’s portfolio provides valuable real-time proprietary market data. We believe this information enables Blackstone to identify mispriced and/or out-of-favor asset classes more rapidly than its competitors.

* As of June 30, 2016

380+ Real Estate
Professionals

The team consists of over 380 real estate professionals in 13 offices around the globe. We believe this breadth enables Blackstone to identify and evaluate opportunities worldwide.

$103billion

Total Assets Under Management

“

“By investing in real estate assets around the globe, we’re helping to build a secure financial future for millions of employees, retirees, schools, non-profit organizations and others. We’re enhancing the value of properties that anchor communities and create good jobs.”

- Jonathan D. Gray

Global Head of Real Estate

Opportunistic

Buy it, Fix it, Sell it. Our opportunistic platform employs a straightforward investment strategy. We seek to acquire high quality, well located assets at discounts to replacement cost, address any property or business issues through aggressive asset management, and sell the assets once Blackstone Real Estate’s objectives are accomplished.

Core+

Blackstone Real Estate’s Core+ business seeks to leverage Blackstone’s “buy it, fix it” strategy to deliver compelling risk-adjusted returns in the core+ space. We target high quality assets in gateway cities with a more modest risk profile, longer hold periods, and a significant current income component.

Debt

With over $32 billion of loans made or acquired since its inception in 2008, Blackstone Real Estate’s debt strategies group has established itself as a leading platform providing creative lending solutions.

our approach

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Blackstone Real Estate Strategy

Buy it

We acquire high-quality, income-producing assets at discounts to replacement cost.

Fix it

We unlock value by proactively addressing any physical or operating issues through aggressive asset management.

Sell it

Once assets are stabilized we sell the investments to long term real estate holders and return capital to our investors.

One Global Organization

Blackstone Real Estate is a deeply integrated global business that relies on constant communication, frequent asset strategy reviews with the entire global team, and relocations of professionals among its offices in order to effectively instill its process and culture worldwide. Blackstone Real Estate has one centralized investment committee that meets weekly to carefully review and challenge every investment around the world. This committee is comprised of the 25 real estate partners who average 11 years at the firm (SMDs).

Blackstone Advantage

Blackstone Real Estate’s unparalleled relationships within the industry allow Blackstone to identify and execute large complicated transactions with speed and certainty at attractive pricing metrics. Blackstone has operating platforms dedicated to logistics, office, hotel, retail, residential and loan servicing. These platforms provide invaluable real-time proprietary market data informing our team of market and property conditions and trends.

Uniquely Positioned

Our large discretionary capital base, global footprint, and dominant competitive position support our strategy of investing with conviction. The ability to execute in scale with speed and certainty makes Blackstone Real Estate a compelling solution for sellers and borrowers.

Our Portfolio

Retail Residential Industrial Office Hotel

Office

153 million square feet of office space globally

Largest owner of office properties in the U.S.

* As of June 30, 2016

Willis Tower is a 3.8 million square foot, 110-story mixed use tower in downtown Chicago. The iconic property is the second tallest office building in the U.S, and its SkyDeck/Ledge is the most popular tourist attraction in the city. Blackstone Real Estate has embarked on an extensive renovation plan that includes a comprehensive repositioning of the building’s retail space, state-of-the-art amenities, and new entertainment options that we believe will complement and enhance the building’s standing as one of Chicago’s premier tourist destinations.

November 2006

Blackstone is a leading owner of office space in India, spanning over 30 million square feet across all major cities. Since our first investment in 2011, Blackstone has built a portfolio of Grade-A office parks that provide best-in-class facilities and infrastructure to ensure a comfortable and enriching environment for our largely multinational tenants.

Retail

179 million square feet of retail assets

Most active investor in retail since 2011

* As of June 30, 2016

October 2015

With Multi Corp, Blackstone was able to acquire control of the company through multiple purchases of its distressed corporate debt beginning in 2012, and converted these positions into the equity ownership of one of Europe’s leading owners and managers of high quality shopping centers. Multi owns and/or manages a portfolio of 161 shopping centers, factory outlets, and retail parks in 13 countries across Europe. After acquiring control, Blackstone strengthened the company’s balance sheet, transforming Multi into a well-capitalized, growth-oriented platform.

Through its investment in SCP Group, China’s largest non-family controlled mall company, Blackstone controls a portfolio of 21 mass-market malls across 17 first and second-tier Chinese cities. The portfolio offers the opportunity to capitalize on China’s emerging consumer and the country’s shift towards a consumption-driven economy. The malls have continued to achieve compelling sales growth despite a slowdown in China’s overall GDP growth rate.

Hotel

300,000 hotel keys globally

One of the largest hospitality investors on an international basis

* As of June 30, 2016

May 2012

We recognized an opportunity in Motel 6 to transform an undermanaged company by implementing a system-wide renovation and franchise growth program. The company has benefited from our successful track record in the branded, limited service / economy hotel segment, achieving significant growth since we acquired Motel 6 in 2012. Today Motel 6 is the largest owner/operator in the U.S. economy lodging segment with more than 1,100 motels nationwide.

July 2007

With Hilton, Blackstone’s largest-ever investment, we chose a great business and put in place an outstanding management team, focused on accelerating the company’s global growth. Seven years after our initial investment, we brought Hilton back to the public market, with 44% more hotels than when we acquired it.

December 2014

The Cosmopolitan of Las Vegas is an iconic, luxury resort hotel and casino located in the heart of the Las Vegas Strip. Since acquiring the property at a 60% discount to its construction cost in 2014, we have been focused on driving operating performance. We are converting underutilized space into new rooms and retail, introducing fresh restaurant concepts, and upgrading the high-end gaming experience. Our “fix it” plan is working as the resort was recently named to the Conde Nast Traveller Gold List as one of the “Top Hotels in the World”.

Industrial

153 million square feet in industrial properties

Most active investor in the sector since 2010

* As of June 30, 2016

February 2015

Logicor is the largest owner of European modern logistics and distribution properties, spanning over 133 million square feet across 18 countries including the United Kingdom, France and Germany. The platform has benefitted from our continued focus on operational improvements and commitment to creating a best-in-class operating platform since our first investment in 2012

Residential

96,000 multifamily units

Major investor across the U.S. and globally

* As of June 30, 2016

Stuyvesant Town / Peter Cooper Village is an irreplaceable apartment community totaling 11,200 units in 56 buildings on 80 acres in Manhattan’s East Village. The community was developed to provide affordable housing for returning World War II veterans and has been an important part of New York City ever since. Blackstone Real Estate leveraged its relationships and ability to transact in scale with speed and certainty to acquire the property at a highly compelling basis. The most important aspect of the transaction was Blackstone’s partnership with the City of New York to protect 5,000 affordable apartments for 20 years – the most units preserved for affordability ever at one time in the city’s history. Our agreement also limited rent increases on an additional 1,400 units that otherwise would have lost rent protection in 2020.

December 2014

Invitation Homes is the leading provider of single-family homes for rent in 14 markets across the U.S. Blackstone created a leading single-family home rental platform in 14 metropolitan markets across the U.S. The platform creates jobs and provides high quality, affordable housing for families nationwide.

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