Blackstone Group’s third-quarter profits exceeded expectations and real estate was the primary catalyst behind its gains.
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Blackstone’s real estate portfolio appreciated 5.5% over the last three months driven largely by its investment in Invitation Homes Inc. and Hilton Worldwide Holdings Inc., Bloomberg reports. The company's stock has increased 33% this year and rose another 1.2% following its earnings report Thursday. Its private equity portfolio also increased by 3.3%.
Blackstone has made a lot of moves in logistics real estate as of late. In April it acquired $402M worth of industrial properties from affiliates of High Street Realty Co. The company sold its European logistics arm, Logicor, in a $12B deal to China Investment Corp. in June. The firm also has an eye on senior living, mixed-use neighborhoods and markets that lack housing, The Real Deal reports.
Less than two months ago, Blackstone expanded its footprint and inked a deal to buy a 51% stake in the Banco Popular real estate properties and loans portfolio, which is worth an estimated $35B, as well as the full share capital of Banco's real estate management company, Aliseda.
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