Blackstone REIT Completes $10 Billion Purchase of QTS
Blackstone Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, along with affiliates Blackstone Infrastructure Partners and Blackstone Property Partners, have completed their purchase of QTS Realty Trust, a data center REIT.
Blackstone Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, along with affiliates Blackstone Infrastructure Partners and Blackstone Property Partners, have completed their purchase of QTS Realty Trust, a data center REIT. The Blackstone funds paid $78.00 per share in the all-cash transaction valued at approximately $10 billion, including the assumption of debt.
QTS owns more than 7 million square feet of data center space within North America and Europe.
“QTS aligns with one of Blackstone’s highest conviction themes – data proliferation – and the required investment makes it well suited as a long-term holding for our perpetual capital vehicles. We look forward to working with QTS and its world-class management team to further scale the business to meet the rising demand for data centers,” said Greg Blank and Tyler Henritze, senior managing directors at Blackstone.
QTS’ common stock and Series A and Series B preferred stock are no longer listed on any public market.
Blackstone REIT invests primarily in stabilized U.S. commercial real estate, and to a lesser extent, real estate debt investments. As of July 31, 2021, the REIT owned a property portfolio valued at roughly $49.7 billion and had investments in real estate debt totaling $6.4 billion. Its initial offering launched in August 2016 and has raised $31.2 billion in three public offerings as of June 2021. The REIT has raised $7.7 billion in the current offering, as of mid-August 2021.
