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Private equity giant Blackstone Group plans to purchase 66 residential complexes in San Diego County for more than $1 billion in one of the biggest real estate transactions in local history.
New York-based Blackstone is purchasing roughly 5,800 apartment units from the Conrad Prebys Foundation. It said it intends to spend $100 million to improve the new assets.
The deal makes Blackstone one of the biggest real estate holders in San Diego County. It already owns $4.5 billion in assets here including Legoland and the Hotel del Coronado. The transaction, which also includes Los Angeles-based investment firm TruAmerica as a partner, is expected to close in the next few weeks.
10 Must Reads for the CRE Industry Today (May 13, 2021) GlobeSt.com looks at how rental assistance from the federal government is being paid out to tenants. Blackstone acquired 66 apartment buildings in San Diego, reports The San Diego Union-Tribune. These are among today’s must reads from around the commercial real estate industry.
New Rental Assistance Guidelines Releases Money Directly to Tenants “In response to industry concerns, the Biden administration has also released new guidelines to local agencies administering the programs to ease the rental assistance process. Most notably, for the first time, emergency rental assistance from the American Rescue Plan must be offered directly to renters when landlords don’t participate in the program.” (
Blackstone Bets Billions on Reopening and Travel Revival In the first quarter, Blackstone bought hotel operator Extended Stay America, private jet operator Signature Aviation and travel firm Bourne Leisure. Bloomberg | Apr 22, 2021
(Bloomberg) Blackstone Group Inc. is doubling down on a post-Covid 19 economic recovery, investing heavily in businesses that will benefit from a world that’s gradually reopening.
New York-based Blackstone invested $17.7 billion in the first three months of the year, buying hotels including Extended Stay America Inc., private-jet operator Signature Aviation Plc and U.K. travel company Bourne Leisure. Investors continued to bet solidly on Blackstone, which saw its assets under management swell to a record $648.8 billion, the company said Thursday in an earnings report.
How Blackstone Spent Record $25.4B and Found Opportunities in Economy Ravaged by Covid-19
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Blackstone Group Inc. deployed a record $25.4 billion in the fourth quarter, as the world’s biggest alternative asset manager sealed large deals and found opportunities in an economy ravaged by the Covid-19 pandemic.
New York-based Blackstone spent $11.7 billion on real estate in the three months ended Dec. 31, and its private equity unit invested $8.2 billion, the firm said in a statement announcing their fourth-quarter earnings. The moves show that company’s leaders are making big bets after sitting out the early stages of the pandemic.