blackstone european property income fund

SC asks Authum Investments to implement resolution plan for Reliance Home Finance22 hrs ago, Uttar Pradesh CM meets aggrieved Noida homebuyers, assures 'complete solution'22 hrs ago. +44 (0) 20 3075 1940, Henry Columbine Document. +44 (0) 20 3757 6890 Birmingham has been one of the best performing office markets in Europe over the past year in terms of vacancy for prime grade A, currently sitting around 5% vacancy, which Blackstone believes will accelerate rental growth in the Midlands city. But, our concern was whether she could join the universities of our preference in abroad. Blackstone will review opportunities for prime offices in the UKs largest regional cities that offer similar fundamentals to that of Birmingham. If owners and local authorities dont do this, its quite hard to see how these towns and cities will recover., Perhaps even more importantly, Hughes says, in an era where ESG is king, the social responsibility plays out well with stakeholders and shareholders. Kingland had been in the works since 2018. The world is so uncertain. The U.K. has more square feet of store floor space than any other country in Europe. In Europe, many commercial-mortgage backed securities are maturing in 2023 and 2024 face high refinancing risks. The firm has used BLACKSTONE PLANS EUROPEAN INFRASTRUCTURE FUND INITIALLY TARGETING UP TO $2 BILLION - BLOOMBERG NEWS | March 3, 2023 . Constructed in 1989, Harbour Exchange comprises 278,198 sqft of office space and a data centre, currently occupied by Equinix which has an unexpired 20-year lease on the site. Youre going to have a more symbiotic partnership between landlords and tenants, he says. 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. She is very prolific in delivering the message of Jesus Christ to the world, bringing people everywhere into a place of the victory God has prepared for them. 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. Photograph:(Reuters). 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 in the intervening years, alternative asset classes have emerged: build-to-rent property, storage, even prisons and schools. Blackstone Inc. is a leading asset management giant and a prolific real estate investor. Adam Dakin, managing director for new business and services at Telereal, denied that The Arch Co. was planning to drive up revenue solely by raising rents, pointing out that 900 of the arches were vacant at the point of sale, mostly due to poor condition, and were ripe for redevelopment. And every product piece of the initiative has their own ROI and KPI attached to them, plus a data analysis team and a data dashboard. Date Filed. Please call 0800 445522 if you require an up to date offer price for this fund. Blackstone Inc. is a leading asset management giant and a prolific real estate investor. Over the summer, The Arch Co. made two announcements. 2022. Simply log into Settings & Account and select "Cancel" on the right-hand side. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. When permission was initially rejected by the local council in 2019, McWilliam doubled down, writing articles in the press about how the company would throw ourselves open to public opinion and seek a fairer balance of power between community, planning authority, and developer to win support for the new development. Landlords are not deaf to the whole ESG agenda. I Some investors are taking radical measures. A few years ago, LGIM investors, which include corporate pension funds and public-sector funds worth trillions, might also have thought the idea of giving away rentable shops to first-time entrepreneurs was crazy. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. exams to Degree and Post graduation level. Other tenants including Chubb, Allianz, Investec, Irwin Mitchell, Hogan Lovells, Rathbones and Willis Towers Watson. 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. S&P Report (Nov-2022) Rating Agency Reports. Blackstone had asked the bondholders for more time to pay back the debt, but they said no.As a response to that, private equity company shares decreased by 1.6%. Outside, Deliveroo drivers on bikes pull up near shuttered archways bearing small signs for chain restaurants. As an asset class, U.K. retail property has become almost untouchable. Mopeds line up in front of open arches filled with rows of metal shelving, bursting with dried goods and household cleaning products. Document Type. Last Name First Name Middle Name; Blackstone Europe Fund Management S.a r.l. 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. The changing makeup of these portfolios is a signal to investors that the landscape in commercial real estate has irrevocably changed. Landsec said the completion of the Harbour Exchange sale to Blackstone European Property Income Fund will take place before the end of the year. Israels Window to Strike Iran Narrows as Putin Enters Equation, Tycoon Deripaska Warns Russia May Run Out of Money in 2024, Americans Need to Be Richer Than Ever to Buy Their First Home, Citigroup Cuts Hundreds of Jobs, Including in Investment Banking and Mortgage Units, Fed Speech Scrapped After Participant Shows Porn in Zoom Room. Ive never owned a shop before in my life, says Hope Dean, who now runs a plant store in a shop that had been empty for six years on Kingland Crescent, an unloved shopping street near the train station in Poole, a seaside town on Englands south coast. 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 portfolio has been acquired by Elite Logistics Fund I, which is managed by Singapore-based alternative asset manager Elite Partners Capital, over a two-year period and includes twelve [] For a full comparison of Standard and Premium Digital, click here. The loan will now be transfered to a special servicer, it added. Continue reading your article witha WSJ subscription, Already a member? Marcus Geddes, Managing Director Central London at Landsec said: The sale of WebBlackstone European Property Income Fund Associates (German Minority) S. r.l. Ashby Capital, which bought the building in Birminghams Colmore business district back in 2015 for 140m, had been courting buyers for the trophy block for several years. The bond, which was underwritten by Citigroup and Morgan Stanley, was originally secured against 63 mostly office buildings in Finland. Tenants have noticed that the kinds of businesses coming in are not the same as the ones leaving. program which is essential for my career growth. 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. WebBREIT Resources | Blackstone Real Estate Income Trust Important Notice This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where Blackstone Real Estate Income Trust (BREIT) is The largest fund administered by Blackstone Group Inc., the giant investment firm known for raising capital from institutions such as pension funds and endowments, is now one that .css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;}mostly targets individual investors. We have various options to advertise with us including Events, Advertorials, Banners, Mailers, Webinars etc. Real estate was very fixed, and consumer expectations were very fluid. In this article. 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, Blackstone is buying the asset on behalf of Blackstone European Property Income Fund, a new perpetual life vehicle targeting the individual investor market. Knight Frank advised Blackstone. WebBlackstone European Property Income Fund Associates (German Minority) S. r.l. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. WebElite Logistics Fund sells pan-European logistics portfolio to Blackstone European Property Income Fund Singapore-based Elite Logistics Fund has successfully | 18 comments on LinkedIn 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. Fixed-rate financing includes Get ETRealty's top stories every morning in your email inbox. The West Midlands Growth Company (WMGC) recently leased office space in the property. April 8, 2020, Blackstone (NYSE:BX) today announced the final close on its sixth European opportunistic real estate fund, Blackstone Real Estate Partners Europe Nordic real estate has been at the forefront of Europes real estate correction after a long period of relative calm following the global financial crisis. It came on the heels of the news that The Arch Co. was getting a new chief executive, Craig McWilliam. The default occurred as rising interest rates hit European property values. In 2020, the British high street lost two behemoths: department store Debenhams and Arcadia Group. The loan was originated by Citigroup Inc. and Morgan Stanley and is secured against 45 properties in Finland, most of which are offices. As consumer preferences continue to evolve, our sense is that the demand for distribution centers in infill locations may increase.. You can now write for wionews.com and be a part of the community. 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. Luxembourg: Blackstone European Property Income Fund Associates LP : Cayman Islands: Blackstone European Property Income Fund Associates Ltd. Cayman Islands: 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. But Blackstone had sold off about 16 buildings to pay down nearly half of the note, which now has an outstanding balance of 297.1 million euros, according to Fitch Ratings. Covid-19 has accelerated the growth of e-commerce penetration, particularly in continental Europe, we believe, where e-commerce was relatively under-penetrated. He points to the success of Mileway, a logistics company owned by Blackstone that focuses on the last mile before delivery. Investors have been spooked by the landlords use of relatively short-term debt, which has made them more vulnerable to the rising rates. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. The U.K. government passed the Coronavirus Act in March 2020, which enabled it to provide rent relief to small-business tenants, leaving landlords like The Arch Co. without payment for rent in March and beyond. On Wednesday, the BREIT said it was forced to limit withdrawals for the fourth straight month. After the moratorium on rent increases ended in June, Mackinnon and several other tenants on the street were facing steep rent increases to match new tenants on the street. Under the terms of the agreement, BlackRock acquired all of Sponda's outstanding shares and assumed control of the company's property portfolio. document type. Commentators called the deal a bet on the economic prospects of Britain in the aftermath of Brexit and in the middle of what many had already identified as the terminal decline of the high street. Is the only way to resist to threaten to move out? asked Ben Mackinnon, who started the E5 Bakehouse ten years ago. November 2022. Through its new Blackstone European Property Income Fund, the US investment manager Blackstone has acquired a logistics platform from Singapore-based Elite Partners Capital and Macquarie Capital for 520 million. The US office market has been particularly hard hit by the pandemic-induced shift to home working. Everything were launching is being measured to work out how we create a holistic strategy.. 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. But the 4.5 billion portfolio started causing headaches even before tenants of these assets had a chance to get into arrears. Last week, Landsec said it had bought a 75% stake in MediaCity, the UK's biggest tech and media hub outside London, for $580 million, just two days after it announced the purchase of "This debt relates to a small portion of the Sponda portfolio. Leveraged Loan 100 Index (the A quarter of The Arch Co. portfolio across the country is empty but occupation is increasing in this part of east London. 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. Our online courses offer unprecedented opportunities for people who would otherwise have limited access to education. Our Degree programs are offered by UGC approved Indian universities and recognized by competent authorities, thus successful learners are eligible for higher studies in regular mode and attempting PSC/UPSC exams. WebSenior Vice President at Macquarie Principal Finance Report this post Report Report The Arch Co. says this information is necessary to establish concessionary rates. Seppala says Blackstones size gives it access to vast amounts of data, allowing it to pursue bigger margins within its portfolios: The scale of the portfolio we manage gives us access to large amounts of proprietary data and real-time information, which is incredibly helpful in informing and guiding our investment strategies.. Blackstones European Property Income strategy, which allows eligible individual investors access to income-producing European real estate, has raised approximately 250m of capital in its first close.