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. Can Shell close the valuation gap with US rivals? 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. 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. Lab leak theory: 3 years on, will we ever know where COVID came from? n/a: Street Address 1 Street Address 2; 2-4, Rue Eugene The purchase was part of BlackRock's plan to grow its ability to invest in real estate in Europe and to get a bigger share of the Nordic market. graduation. WebBlackstone European Property Income Fund (Master) FCP: Street Address 1 Street Address 2; 11-13 BOULEVARD DE LA FOIRE: City State/Province/Country L-1528: 212-583-5000: 3. 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. Please review and accept these changes below to continue using the website.You can see our privacy policy & our cookie policy. 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. It will be offered to investors via the firm's Private Wealth Solutions group for a management fee of 1.25%. The future for many of these tenants is unclear. In 2018, Blackstone became the U.K.s largest small-business landlord. Continue reading your article witha WSJ subscription, Already a member? The new fund will likely come with a minimum investment commitment of about 25,000 euros ($29,860), according to people with knowledge of the matter. 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. Luxembourg: Blackstone European Property Income Fund Associates LP : Cayman Islands: Blackstone European Property Income Fund Associates Ltd. Cayman Islands: the 10/12 Board On Wednesday, the BREIT said it was forced to limit withdrawals for the fourth straight month. 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. The Blackstone European Property Income Fund (BEPIF) has acquired a EUR 520 mln pan-European logistics portfolio from Elite Logistics Fund I. 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. A year and an intervention from the mayor of London later, Grosvenor was granted permission to convert the site into more than 1,500 homes to rent. McWilliam initially cut his teeth in private equity and investment banking. Then theres the free rent. cookies 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 Thats something of an understatement. Share your stories and opinions with us here. Over the summer, The Arch Co. made two announcements. Even so, half her family thought she was crazy. The portfolio is about 45% vacant, having risen about 10 percentage points higher during the pandemic, according to the report. View. We have various options to advertise with us including Events, Advertorials, Banners, Mailers, Webinars etc. Digital Forensics. Blackstone turned its attention towards office opportunities in the UK regions towards the latter part of last year. Date Filed. Blackstone has taken a very different approach. This debt relates to a small portion of the Sponda portfolio, a Blackstone representative said in an emailed statement. In an interview with the London Times, Jones said that without transparency of rents, the entire commercial renters market will be in crisis across London and nationally within the next three years.. We still have complete faith in theSponda portfolio and itsmanagement team, added the company. In March 2020, days after Prime Minister Boris Johnson ordered the U.K. into lockdown, LGIM, Janus Henderson Investors, BMO Global Asset Management, Columbia Threadneedle Investments, and Aviva Investors announced restrictions on their flagship property funds, freezing more than 10 billion worth of investments. Dean was working as an events manager when her job was swiftly made redundant by the pandemic. She is also the author of several books, including Seven Keys to Living in Victory, I am My Beloveds and The Cup Bearer. 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. 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. Mopeds line up in front of open arches filled with rows of metal shelving, bursting with dried goods and household cleaning products. Last Name First Name Middle Name; Blackstone Europe Fund Management S.a r.l. Blackstone said the sudden influx of speedy grocery-delivery companies in this part of London is a result of demand from these companies for space, rather than the result of any company strategy. The SPDR Blackstone Senior Loan ETF (the Fund) seeks to provide current income consistent with the preservation of capital. 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. For non-personal use or to order multiple copies, please contact The property fund would not reopen until October, seven months later. Then, in September 2020, the U.K. hospitality industry warned that businesses would collapse if the moratorium was lifted and the ban stayed. In Europe, many commercial-mortgage backed securities are maturing in 2023 and 2024 face high refinancing risks. In this prime urban location, companies like Weezy and Zapp say the arches are ideal places for business. Join over 300,000 Finance professionals who already subscribe to the FT. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. All Rights Reserved. university In August, Glenny, a U.K. property management company, announced that it had been appointed to market a portfolio of 114 Arch Co.-owned units in London with rental value worth 2.1 million a year. Landsec said the completion of the Harbour Exchange sale to Blackstone European Property Income Fund will take place before the end of the year. Follow @ETRealty for the latest news, insider access to events and more. Real estate was very fixed, and consumer expectations were very fluid. Thats before you even get into the shift to online shopping. The private equity group said the acquisition is another example of Blackstones long-term conviction in the UK and in high-quality, sustainable office assets in key European cities., James Seppala, head of real estate Europe at Blackstone, said: We continue to see strong demand for high quality, sustainable office spaces that attract the best talent and employers. "We continue to have full confidence in the core Sponda portfolio and its management team," the company added. In Eastbourne, another south coast town, LGIM is transforming another shopping center with swings, roundabouts, and seating on the theme of play. Blackstone Inc. is a leading asset management giant and a prolific real estate investor. Four FREE articles of your Landsec said the completion of the Harbour Exchange sale to Blackstone European Property Income Fund will take place before the end of the year. develop their business skills and accelerate their career program. Grade 10 and 12 level courses are offered by NIOS, Indian National Education Board established in 1989 by the Ministry of Education (MHRD), India. Fill all that empty store space by giving it to entrepreneurs for free. Bondholders voted against a further extension, the people said, asking not to be identified as the sales process was not public. Document. The deal was valued at approximately $1.9 billion and was one of the largest real estate transactions in the Nordic region at the time. The changing makeup of these portfolios is a signal to investors that the landscape in commercial real estate has irrevocably changed. Under the terms of the agreement, BlackRock acquired all of Sponda's outstanding shares and assumed control of the company's property portfolio. 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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. You may not need the daily liquidity, which a stock and bond portfolio provides. Peter Ferrari, chief executive of AshbyCapital, said: Having purchased The Colmore Building in 2015 when it was 40% vacant, this sale marks the successful completion of our asset strategy. The strategy is an expansion of Blackstone Real Estates perpetual core-plus business, which has $116bn of assets under management globally.