Private equity giant begins buying offices for European core-plus strategy, What: Blackstone has bought the Colmore Building in Birmingham, Why: Ashby Capital exiting for 182m after buying asset in 2015, What Next: US giant interested in further core-plus office opportunities in UK and Europe. 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. The US investor has completed the purchase of the Colmore Building, a 314,000 sq ft office block, from Ashby Capital. Luxembourg: Blackstone European Property Income Fund Associates LP : Cayman Islands: Blackstone European Property Income Fund Associates Ltd. Cayman Islands: The sale price reflects a net initial yield of 3.99%. European If you're happy with cookies click proceed. A week after she started working on a business plan for a plant shop, she heard about the opportunity to take on an empty retail unit on Kingland, with free rent and business rates for the first two years. Simply log into Settings & Account and select "Cancel" on the right-hand side. We use Uzraudzba Summary: Blackstone European Property Fund (BEPIF) provides income-focused individual investors access to institutional quality European real estate. Blackstone's $71 billion unlisted real estate income trust (BREIT) has also been in hot water. It will be offered to investors via the firm's Private Wealth Solutions group for a management fee of 1.25%. Property After buying the building, Peter Ferraris firm fully let the space following a refurbishment and rebranding program in 2016. Guardians of the Arches said the offer was a resultfor tenants: Many businesses would not have survived they were considering going into liquidation rather than having to carry the burden through the crisis., Since the rent moratorium ended in July, The Arch Co. has reverted to renegotiating rental contracts. Knight Frank advised Blackstone. Blackstone is buying the asset on behalf of Blackstone European Property Income Fund, a new perpetual life vehicle targeting the individual investor market. Real-estate investment managers are finding their work is becoming more about the service, whether thats making the space more attractive to tenants or being more flexible about contracts. in KSA, UAE, Qatar, Kuwait, Oman and Bahrain. Blackstone turned its attention towards office opportunities in the UK regions towards the latter part of last year. The project is time consuming and intensive, but once it picks up momentum, we will end up with an asset that will reward our activities and reward the pensioners.. 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%. Enter McWilliam, a man from a family of surveyors his father and his wife are both in the trade. 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 defaults on $562 mln Nordic property-backed CMBS That experience matters with a portfolio where surveyors are heading to arbitration over the issue of how much the retail space is worth per square foot and how value might be increased by raising rent, changing the size of the lease, or changing the use. 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. Continue reading your article witha WSJ subscription, Already a member? Is the only way to resist to threaten to move out? asked Ben Mackinnon, who started the E5 Bakehouse ten years ago. personalising content and ads, providing social media features and to Thats before you even get into the shift to online shopping. The drop in prices has so far not led to widespread credit losses, so some creditors are betting that rapid sales can still ensure debt is fully repaid. This platform comprises 12 assets that were purchased individually by the previous owners. According to Landsec, the sale to Blackstone European Property Income Fund will be completed before the end of the year. In pursuing its investment objective, the Fund seeks to outperform the Markit iBoxx USD Liquid Leveraged Loan Index (the Primary Index) and the Morningstar LSTA U.S. 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. Luxembourg: Blackstone European Property Income Fund Associates (Lux) S. r.l. 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 company has now defaulted on a $562.5 million bond backed by a portfolio 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. He says landlords are going to have a much closer understanding of the financial performance of their tenants and the different ways in which value is accrued to the tenant through the tenancy just as The Arch Co. is requesting to see the financial data of its tenants, and as LGIM is using turnover leases for new tenants and leveraging data analytics to be more fluid and flexible in the way it fills legacy shopping centers. European Overview - Blackstone fund sells pan-European logistics portfolio for 520m Get ETRealty's top stories every morning in your email inbox. For cost savings, you can change your plan at any time online in the Settings & Account section. Increasingly, landlords are going to be providing space, whether its retail or office, on a more flexible basis, with rents that are more tied to performance. 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. Blackstone had asked the bondholders for 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. 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 Erin Peyman, head of property at Weezy, says the company has been working together with The Arch Co., using its property location requirement list to look for its next fulfillment centers. Blackstone Real Estate Income Trust Inc. will soon expand its U.S. industrial holdings by approximately 37.5 million square feet now that the perpetual-life real estate investment platform has signed an agreement to acquire Toronto-based WPT Industrial Real Estate Investment Trust. At the time of the downgrade, 297.1 million of the senior loan remained outstanding, according to Fitch. The Blackstone European Property Income strategy will be comprised of approximately 90% direct property investment, with up to 10% held in "real estate-related debt and liquid instruments". Elsewhere, a trail of smaller dominoes was falling. The firm has used the fund, known as BREIT, to buy rental-apartment buildings, warehouses, office buildings, casinos and other property types. Blackstone has taken a very different approach. organisation 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. That year, Blackstone partnered with the U.K.s largest privately owned property company, Telereal Trillium, to buy an entire portfolio of commercial real estate off British government-owned Network Rail. BLACKSTONE EUROPEAN PROPERTY INCOME FUND Marcus Geddes, Managing Director Central London at Landsec said: The sale of Macquarie Dear user, ET RealEstate privacy and cookie policy has been updated to align with the new data regulations in European Union. Share your stories and opinions with us here. Follow @ETRealty for the latest news, insider access to events and more. In the U.K., institutional investors and pension funds with commercial real estate in their portfolio have been forced into this cuddly arrangement in the knowledge that shareholders everywhere are watching. Residents, however, have complained of the constant noise from mopeds coming and going at all hours, while existing tenants fear the death of local ecosystems of businesses that once served one another. The default occurred as rising interest rates hit European property values. When I called in June, she said journalists were calling every day to hear about the scheme. Blackstone will review opportunities for prime offices in the UKs largest regional cities that offer similar fundamentals to that of Birmingham. 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 [] An investment in BREIT involves risks. The social aspect to that is something people are increasingly aware of.. Blackstone The firm has used Blackstone has launched a European property income strategy, offering investors access to a range of real estate sectors across the region. These colossal brick buildings, once filled with vibrant concessions, bored teenagers, and middle-aged women queuing with trays in lunch canteens, now lie dark and empty in the center of many U.K. towns, their shuttered doors a physical manifestation of the rot that has set into the retail sector. Blackstone Real Estate Income Trust 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.
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