Aside from its newly added industrial portfolio, Blackstone European Property Income Fund owns the 202,000 square metre (2,174,310 square foot) Proximity Logistics Portfolio across France and Germany, the 22,000 square metre Ilot Panhard office hub at a former car manufacturing site in Paris, and the 25,845 square metre 6-9 Harbour It was compared in scale to Blackstones 2015 purchase of Stuyvesant Town, Manhattans biggest apartment complex, and aroused similar political scrutiny. This file may have been moved or deleted. The property fund would not reopen until October, seven months later. Macquarie Capital Principal Finance (Macquarie Capital) in partnership with Singaporean real estate fund, Elite Partners Capital (Elite) have announced the sale of its first pan- European logistics portfolio, Elite Logistics Fund I to Blackstone European Property Income Fund (BEPIF) for 520 million. Blackstone's $71 billion unlisted real estate income trust (BREIT) has also been in hot water. Blackstone turned its attention towards office opportunities in the UK regions towards the latter part of last year. Be sure to check your spelling. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Landsec sells London office property to Blackstone for The universe of investment is wider, and the appeal of real estate has materially changed, Hughes says. A group that included the Blackstone Real Estate Income Trust last year acquired the real-estate assets of the Las Vegas Cosmopolitan casino and hotel in Las Vegas. Some investors are taking radical measures. The level of cross-ownership in the sector, where multiple real estate companies own stakes in one another has also exacerbated concerns. BPPEH - Blackstone Property Partners Europe Holdings WebThe securities issued by BPPEH from time to time pursuant to its EMTN programme may not be sold within the U.S. or to U.S. persons, absent an exemption. [L4N2RU1BV], UK's Landsec sells London office property to Blackstone for $263 million, This sprinting robot could become your next beach lifeguard, Domino effect as more EU institutions ban TikTok on work devices, TikTok is setting time-limits for teens. Had a great experience here. Blackstone Real Estate Income Trust, a fund sold in increments as little as $2,500, has raised more than $50 billion since it started five years ago. Blackstone, with $649 billion under management, could weather a year without 80 million of rental income. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Blackstone is buying the asset on behalf of Blackstone European Property Income Fund, a new perpetual life vehicle targeting the individual investor market. Blackstone launches European real estate income fund property (Reporting by Jaiveer Shekhawat and Mehnaz Yasmin in Bengaluru; Editing by Anil D'Silva, Shinjini Ganguli and Josie Kao), Ukrainian pilot pair in Arizona to fly military simulators - US official, Another Norfolk Southern train derails in Ohio; company says no toxins aboard, UPDATE 1-China sets economic growth target of around 5% as parliament opens, China to develop more energy and mineral reserves and boost production, China Sets Modest Growth Target as Economic Risks Persist. Compare Standard and Premium Digital here. Simply log into Settings & Account and select "Cancel" on the right-hand side. In a statement sent via email on Thursday, Blackstone stated that "a minor fraction of the Sponda portfolio is affected by this debt. Blackstone, with $649 billion under management, could weather a year. Thats before you even get into the shift to online shopping. Helical and Ashby Capital achieve first letting at The JJ Mack Building. The US office market has been particularly hard hit by the pandemic-induced shift to home working. Blackstone's $71 billion unlisted real estate income trust (BREIT) has also been in hot water. Birmingham has been buoyed by major government investment into the city, the expansion of corporates, and north-shoring from the likes of Goldman Sachs. Landsec has sold 6-9 Harbour Exchange in Londons Docklands to Blackstone European Property Income Fund (BEPIF) for 196.5m. We continue to have full confidence in the core Sponda portfolio and its management team, whose priority remains delivering high-quality retail and office assets.. An announcement was made in 2017 that Sponda would enter into an agreement to sell all of its shares to a fund managed by the world's largest asset manager, Blackrock. In 2018, Blackstone became the U.K.s largest small-business landlord. As consumer preferences continue to evolve, our sense is that the demand for distribution centers in infill locations may increase.. The U.K.s official national audit body said the portfolio had the potential for a 54 percent rise in rents over the next three to four years owing to market conditions and irrespective of a sale. Long before the sale, Network Rail had been trying to bring the rents up. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Offices had delivered 88 percent of their rent, but retail just 61 percent. And because Network Rail still owned the tracks, the British taxpayer would foot the bill to inspect and maintain the structures, while Blackstone could focus on filling empty arches and revaluing tenanted ones. The Arch Co. said it had cleared 50 percent of the backlog of outstanding rent reviews within the first 12 months, lower than its target of 80 percent because of the onset of Covid-19. We are disappointed that the servicer has not advanced our proposal, which reflects our best efforts and we believe would deliver the best outcome for note holders. Even so, half her family thought she was crazy. Why Blackstone | BEPIF | Blackstone European Property Income Related Persons. Asset owners and real estate investors plowed money into Nordic real estate after the 2008 global financial crisis. For non-personal use or to order multiple copies, please contact The changing makeup of these portfolios is a signal to investors that the landscape in commercial real estate has irrevocably changed. He once boasted that prior to joining Grosvenor, he had bought a building off it on behalf of Fortress Investment Group, a U.S. investment giant, and had sold it on for 1 million more than he had paid before he had even signed the contract. Blackstone Blackstone, with $649 billion under management, could weather a year without 80 million of rental income. 125000+ Industry Leaders read it everyday. Why Blackstone | BEPIF | Blackstone European Property Income Every day of 2020, an average of 48 shops, restaurants, and other leisure and hospitality venues closed permanently across England, Wales, and Scotland, according to figures compiled by the Local Data Co., a research provider, for PwC. Landsec said the completion of the Harbour Exchange sale to Blackstone European Property Income Fund will take place before the end of the year. An investment in BREIT involves risks. It also has more shopping centers, department stores, and insolvency regulations including company voluntary arrangements that make it easier for retailers to break leases. (Reuters) -Blackstone Inc has defaulted on a 531 million euro ($562.5 million) bond backed by a portfolio of offices and stores owned by Finnish company Sponda Oy, as rising interest rates hit European property values. The loan will now be transfered to a special servicer, it added. "We continue to see strong demand for high quality, sustainable office spaces that attract the best talent and employers" - JAMES SEPPALA, BLACKSTONE. The works included improving the reception and common parts and the addition of new facilities including a coffee house, gym, treatment rooms and cycling facilities including luxury changing rooms and a drying room. The real sting for tenants would come further down the line: Once the moratorium expired, tenants would find themselves on the hook for all of the rent in arrears. Blackstone has taken a very different approach. Airbnb lays off staff from recruiting team to become a more focused company, Rupee and Taka to replace Dollar as currency of exchange between India, Bangladesh, World Bank commits $1 billion to support Indias public healthcare infrastructure. The strategy is an expansion of Blackstone Real Estates perpetual core-plus business, which has $116bn of assets under management globally. The deal struck fear into the hearts of mechanics, breweries, and bakeries across the country business owners who had already been facing steep rent increases when their properties were publicly owned. At Grosvenor, he made a name for himself as an expert in securing planning rights during his work on a former biscuit factory in south London. Blackstone Blackstones notes have now matured and have not been repaid, prompting loan servicer Mount Street to determine a default, according to a statement Thursday. the 10/12 Board Distribution and use of this material are governed by WebFund manager Direct Property Team Annual management feeB 0.75% YieldC 5.4% Premium/(Discount) (22.5)% Gearing 35.2% Net Asset Value 532.5m AIFMD Leverage Limits abrdn European Logistics Income PLC Fund managers report continues overleaf Fund managers report - continued. Blackstone defaults on $562 million Nordic property-backed CMBS As part of the project, LGIM Real Assets is giving ten businesses a shop on Kingland, where Dean opened her plant shop, with no rent or business rates for the first two years. So I jumped ship, he says. Fill all that empty store space by giving it to entrepreneurs for free. When the pandemic hit, The Arch Co., under pressure from tenants, agreed to suspend rent negotiations with tenants and set up a 10 million hardship fund, which it said would pay for rent-free periods for 1,450 of the most severely affected tenants. Seventy-five percent of units were filled in 2019, and The Arch Co. is now in talks to fill the remaining properties. Blackstone Group Inc. has finished raising a 9.8 billion-euro ($10.7 billion) fund that will target Blackstone European Property Then theres the free rent. Blackstone European Property Income Fund SICAV. Awarding Excellence Across the Indian Real Estate .. Harbour Exchange, located in the Docklands area, comprises two redeveloped office buildings, housing datacentre and office space, and was let to Equinix (UK) Ltd with an unexpired lease term of nearly 20 years. I dont think its right to abandon towns and cities around the U.K. just because the retail proposition isnt working, says Hughes, head of real assets. In 2019, DekaBank, acting as sole arranger and underwriter, refinanced Ashbys debt on the asset with a 81.5m three-year term loan. Then the pandemic hit, and what was a bad situation for U.K. retail became immeasurably worse. Blackstone Bepimmo | Blackstone European Property Income Four FREE articles of your Expert insights, analysis and smart data help you cut through the noise to spot trends, We use cookies to ensure the best experience for you on our website.If you choose to ignore this message, we'll assume that you are happy to receive all cookies on ET RealEstate. or It is also launching a local market for up to 15 vendors. Equinix-occupied data center in London sold to Blackstone for Luxembourg: Blackstone European Property Income Fund Associates (Lux) S. r.l. We support credit card, debit card and PayPal payments. November 2022. EUROPE Blackstone WebSince joining the firm in 2014, Mr. Jay has been involved in the financing of all European real estate investments including asset, stock and portfolio-level financings and in The conditions were new, but the underlying problems with retail as an asset class had been on the minds of investment managers at LGIM for some time. Blackstone Inc. is a leading asset management giant and a prolific real estate investor. Blackstone Inc has defaulted on a 531 million euro ($562.5 million) bond backed by a portfolio of offices and stores owned by Finnish company Sponda Oy, "We continue to have full confidence in the core Sponda portfolio and its management team," the company added. Towards the aim, Perfect E learn has already carved out a niche for itself in India and GCC countries as an online class provider at reasonable cost, serving hundreds of students. This debt relates to a small portion of the Sponda portfolio, a Blackstone representative said in an emailed statement. n/a: Street Address 1 Street Address 2; 2-4, Rue Eugene Blackstone defaults on a $562.5 real estate bond payment Blackstone is buying the asset on behalf of Blackstone European Property Income Fund, a new perpetual life vehicle targeting the individual investor market. in KSA, UAE, Qatar, Kuwait, Oman and Bahrain. But it cannot escape the fact that the U.K. government has fundamentally changed the rules of the game. And retail has become closer to that: You may as well get on the front foot and provide what occupiers need rather than signing long leases that might not be appropriate ten years from now. fund sells pan-European logistics portfolio for 520m BREIT recently disclosed that it had to restrict withdrawals for the fourth consecutive month, demonstrating that the corporation still has difficulties in the current market. London W1U 4DA McWilliam initially cut his teeth in private equity and investment banking. The Blackstone European Property Income Fund (BEPIF) has acquired a EUR 520 mln pan-European logistics portfolio from Elite Logistics Fund I. We acted quickly to carry out an enhancement programme that gave the building Birminghams most comprehensive offering of on-site amenities and leased the vacant space at market-leading rents., Birminghams leading office building, offering unrivalled amenities in the heart of the citys main business district, 1 St Vincent Street Blackstone acquired Sponda for almost 1.8 billion in 2018. Blackstone Inc. defaulted on a 531 million ($562 million) bond backed by a portfolio of Finnish offices and stores as rising interest rates hit European property values. We use The portfolio is about 45% vacant, having risen about 10 percentage points higher during the pandemic, according to the report. But some tenants have said that the information requested is excessive. That ban is significant: Many tenants will not be able to afford to pay back the money owed, and in many cases, The Arch Co. has said it will not allow any more rent arrears discounting. BlackRock European Dynamic Fund Bid price as of Feb 27, 2023 GBP 2.80 Offer price as of Feb 27, 2023 GBP 2.81 Morningstar Rating We are currently experiencing technical difficulties with publishing our offer prices. In 2018, Blackstone acquired Sponda.Despite the acquisition, Sponda operated as an independent company within the Blackstone portfolio, with its operations and management remaining largely unchanged. But with debt mounting, a sale was seen as preferable. UKs Land Securities Group Plc said on Friday that it has agreed to sell Harbour Exchange, a London office property, to Blackstone Inc for 196.5 million pounds ($262.82 million) as the commercial landlord reshuffles its portfolio. LGIM was tight-lipped on exactly how many retail assets it owns, including shopping malls, retail parks, and U.K. high streets, which are the equivalent of U.S. main streets. The deal is due to complete before the end of the year. Theyre asking top-dollar rent for shabby conditions, he told the other traders at the August meeting. Blackstone According to Landsec, the sale to Blackstone European Property Income Fund will be completed before the end of the year. Our online courses offer unprecedented opportunities for people who would otherwise have limited access to education. Were not saying the Dolphin Centre is doomed; were saying it requires careful, thoughtful, remedial activities to give it a long-term future, he says. The fund is located in New York, New York. In mid-August, a handful of business owners gathered in an arch in east London to discuss these developments and how they could resist rent hikes and eventual eviction. Nonetheless, The Arch Co. says its occupancy figure has remained stable throughout the pandemic a remarkable achievement given the rates of closure for small businesses nationally. Because in todays backdrop, where rates are so low, where a traditional 60-40 portfolio just isnt generating enough return in both appreciation of the underlying assets and also income, investors and advisers are realizing that to generate the income and return on a risk-adjusted basis, [you need alternatives], Todd Myers, senior managing director and chief operating officer of Blackstone Private Wealth Solutions, told Citywire. I was in search of an online course; Perfect e Learn Then Covid struck, and the U.K. government made a decision that sounded the death knell. +44 (0) 20 3757 6890 LGIM owns the Dolphin Shopping Centre next door to Kingland and hopes that by resurrecting the high street, it might inject identity and vibrancy into the town center as a whole. In this article. Copyright 2023 ETRealty.com. By this summer, Legal & General Groups share price was trading back around pre-pandemic levels of 270p on the FTSE 100, having hit 157p in March 2020, when the funds were forced to close. For a full comparison of Standard and Premium Digital, click here. But in the intervening years, alternative asset classes have emerged: build-to-rent property, storage, even prisons and schools. India Dot Com Private Limited. Blackstone fund keeps limits on outflows as redemption There is one thing standing in the way of a spate of evictions: The U.K. governments ban on changing the locks in pursuit of Covid-19 commercial rent arrears, which was recently extended to next March. Ask James Seppala, head of real estate in Europe at Blackstone, how his strategy has changed in the last three years and hell tell you Blackstone is interested in three areas: logistics, rental housing, and life sciences. Complete information about investing in shares of BREIT is available in the prospectus. In 2016, tenants of the railway arches had formed a trade association called Guardians of the Arches to oppose steep rent increases. test, which makes it an ideal choice for Indians residing Blackstone Blackstone Buys European Logistics From Macquarie, Elite Blackstone Inc. is a leading asset management giant and a prolific real estate investor. LandSec announce this week that 6-9 Harbour Exchange, occupied by Equinix and offered as its LD8 IBX data center, has been sold to Blackstone European Property Income Fund (BEPIF). You may not need the daily liquidity, which a stock and bond portfolio provides. With that downpour a couple of weeks ago, we had rain coming through the ceiling. Among tenants, the mood is combative a world away from the symbiotic partnership described as the future of commercial real-estate asset management. The social aspect to that is something people are increasingly aware of.. Blackstone Thats why so many small businesses are leaving.. The firm has used the fund, known as BREIT, to buy rental-apartment buildings, warehouses, office buildings, casinos and other property types. Online tuition for regular school students and home schooling children with clear options for high school completion certification from recognized boards is provided with quality content and coaching. BLACKSTONE INC. 97.13. Many UK commercial landlords are looking to diversify into mixed-use properties and focus on higher-return opportunities as the pandemic erodes the valuations of retail and office spaces, and an extended moratorium on rent hurts their income streams. program which is essential for my career growth. But as the pandemic accelerated the decline of brick-and-mortar stores, LGIM started to think about its real-estate portfolio more like the build-to-rent sector: Build something people want to rent and offer them a short lease. The bond, which was underwritten by Citigroup and Morgan Stanley, was originally secured against 63 mostly office buildings in Finland. Landlords are not deaf to the whole ESG agenda. Document Type. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Through this (Harbour Exchange) disposal, we are recycling capital into opportunities where we can bring to bear Landsecs skills and expertise to drive growth and returns for our investors, said Marcus Geddes, managing director, Central London, at Landsec.
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