Blackstone REIT’s Portfolio Tops $12 Billion with Latest Portfolio Purchase
Blackstone Real Estate Income Trust Inc., a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), has purchased the EdR Student Housing Portfolio for $1.2 billion in a joint venture with Greystar Real Estate Partners.
Blackstone Real Estate Income Trust Inc., a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), has purchased the EdR Student Housing Portfolio for $1.2 billion in a joint venture with Greystar Real Estate Partners. Blackstone REIT holds a 95 percent interest in the joint venture, while Greystar holds the remaining 5 percent.
The transaction was completed in conjunction with Greystar’s previously announced $4.6 billion acquisition of Education Realty Trust (NYSE: EDR), one of the largest owners, developers and managers of student housing in the United States.
The EdR Student Housing Portfolio includes 10,500 beds across 20 student housing properties that sit adjacent to top-tier universities, such as University of California Berkeley, University of California Riverside, University of Virginia, University of Arizona, Arizona State University, University of Colorado Boulder and Penn State. The Greystar / EdR team will continue to manage the assets.
Following the acquisition, Blackstone REIT now oversees a $12 billion portfolio commercial real estate properties and real estate debt securities.
Blackstone Real Estate Income Trust, a perpetual life, monthly NAV REIT, invests in stabilized income-oriented commercial real estate in the United States and real estate-related securities. The company is headquartered in New York City and externally managed by BX REIT Advisors., a subsidiary of Blackstone. Blackstone REIT has raised more than $3.7 billion in investor equity, as of August 2018.
