Blackstone CEO Stephen Schwartzman (Getty Images)
From TRD Los Angeles: 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. [more]