Blackstone’s real estate AUM hit record $163bn
Blackstone’s assets under management in its real estate division hit a record $163.2bn during the fourth quarter.
The firm said real estate AUM increased 20% during the quarter, with inflows of $8bn and $34.2bn for the whole of 2019.
Acquisitions in Q4 included the $18.7bn purchase of a last-mile US logistics portfolio from Singapore-based logistics provider GLP, and a $4.3bn operator of Las Vegas leisure properties, MGM Resorts.
Blackstone’s assets under management in its real estate division hit a record $163.2bn during the fourth quarter.
The firm said real estate AUM increased 20% during the quarter, with inflows of $8bn and $34.2bn for the whole of 2019.
Acquisitions in Q4 included the $18.7bn purchase of a last-mile US logistics portfolio from Singapore-based logistics provider GLP, and a $4.3bn operator of Las Vegas leisure properties, MGM Resorts.
At group level, the firm’s fourth quarter distributable earnings rose 27% year-on-year, with strong growth in its real estate and hedge funds businesses offsetting declines in its private equity and credit divisions.
Distributable earnings, the cash available for paying dividends to shareholders, hit $914m in Q4.
Total AUM increased to $571.1bn, up from $554bn three months earlier.
Chairman and chief executive Stephen Schwarzman said 2019 was a “momentous year” for Blackstone and its shareholders.
“In addition to delivering another year of outstanding results, we converted to a corporation, allowing a vastly wider universe of investors to own our stock. We continued to expand our leading investment platforms into new areas, driving $134bn of capital inflows during the year, and enabling us to deploy $63bn – both records for the firm,” said Schwarzman.
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