Blackstone Group is leveraging its real estate investment expertise to acquire the world’s largest owner and operator of premier showroom space for the furnishing, home decor and gift industries from Bain Capital Private Equity.

Funds managed by Blackstone Real Estate Partners and Blackstone Tactical Opportunities entered a definitive agreement to acquire International Market Centers. The company owns 12.2M SF of exhibition space in High Point, North Carolina, and Las Vegas. Financial details regarding the transaction were not disclosed.

This deal will open the door to future development and investment opportunities for International Market Centers, as it pursues a more sustainable, profitable and scalable showroom platform going forward.

“While Bain Capital and Oaktree have been great partners for the past six years, we look forward to this new relationship and our next phase of growth,” IMC CEO Robert Maricich said in a statement. “Blackstone is a firm with a strong track record of enabling transformational change and shares our long-term vision for the business.”