Blackstone related stories
All articles and analysis
Brookfield to use GGP as primary mall platformIn revising its offer to recapitalise the bankrupt US REIT, Brookfield said it would use General Growth to pursue US regional mall opportunities. GGP questioned rival offer from Simon Property, owing to 'uncertain future intentions'.
- CIM teams with Macklowe to take control of key NYC development site
The Los Angeles-based firm has agreed to buy back the debt of the former Drake Hotel in midtown Manhattan, after developer Harry Macklowe lost control of the site.
- Brookfield’s GGP bid bolstered by extra $3.9bn capital raise
Fairholme Capital and Pershing Square have pledged $3.9bn of fresh capital to support a recapitalisation of bankrupt REIT General Growth Property. It follows Brookfield’s equity pledge of $2.63bn last month.
- Louisiana Teachers commits $50m to Blackstone debt fund
Blackstone Real Estate Special Situation Fund II is targeting non-controlling debt and equity investments globally, raising roughly $750m to date.
- Blackstone eyes Morgan Stanley Japan loans
The New York-based private equity real estate firm is looking to buying a pool of distressed loans from Morgan Stanley’s balance sheet, with a face value of more than $1.1bn and backed by 30 properties in the greater Tokyo area.
- Lightstone hires ex-Park Hill principal
The New York-based firm has appointed Arvind Bajaj to lead its acquisition and capital raising activities.
- Starwood-led consortium in $905m Extended Stay recap bid
Extended Stay’s board has backed Starwood, TPG and Five Mile's offer, saying it would value the bankrupt company at $3.9bn. Starwood will invest 50% of the new equity, with TPG and Five Mile splitting the remainder.
- Defensive bankruptcy
The implosion of General Growth Properties is a highly choreographed, and controversial, phenomenon.
- Blackstone closes BoA Merrill Lynch management deal
The New York-based firm will manage more than $2bn of equity positions, after LPs in Bank of America Merrill Lynch’s ill-fated Asian Real Estate Opportunities Fund agreed a $650m settlement following non-fiduciary actions by the bank.
- Blackstone invests $4bn in real estate in past year
Despite some fears that transactions in 2011 will be “tougher” to find than 2010, Blackstone expects deal flow to increase in the coming 12 months as banks earn their way to health and start dealing with their balance sheets.