Blackstone reveals cash reserves of $32.2B for RE investments
Thanks in part to some major real estate sales, the Blackstone Group has $32.2 billion in dry power to invest in global real estate.
That allocation represents about one-third of the $94.3 billion it has to invest across all asset classes, IPE Real Estate reported. Blackstone’s total real estate assets under management are worth about $101.2 billion, according to its most recent earnings report.
The company sold $21 billion in real estate over the past year, including a 25 percent stake in Hilton Worldwide Holdings Inc., which sold to China’s HNA Group. In Los Angeles, it’s selling the Wilshire Palisades building in Santa Monica for about $287 million, or $1,400 a square foot, sources told The Real Deal.
Blackstone CEO Stephen Schwarzman was appointed by President Donald Trump to chair the White House Strategic and Policy Council last year. Schwarzman has recently come under scrutiny from lawmakers, who have questioned the potential for him to shape Trump administration policy to benefit Blackstone. [IPE] — Subrina Hudson