Sounds like money-laundering to me.
They should be able to pretty much pay cash down for any building they think they make money on.
Isn’t Blackstone one of the key pushers of the Diversity, Equity, Inclusion killer of Western culture and Chistendom?
Blame the War! Ha Ha. You guys trained people under Covid to work remotely, hard to get them back in the office now. Also high tech and bad economic issues, supply chain issues have caused layoffs. Governments have stop giving out Covid Money. Yep office buildings are going to be a disaster. 30% vacancies in NYC.
I wonder if Blackstone is the new Lehman? How many pension funds hold Blackstone REIT’s?
Don’t forget this in December:
Blackstone’s $69 bln REIT curbs redemptions in blow to property empire
https://www.reuters.com/business/finance/blackstone-limits-redemptions-69-billion-reit-2022-12-01/
“rising interest rates”
They buried the lead!
When you have to refinance dirt cheap debt with expensive debt many businesses become raging dumpster fires.
All the rest is noise.
I said it more than 2 years ago, short anything long in office leaseholding and ownership.
This is a trickle, my wife and I get calls all the time… so and so is interested in talking to you. Okay. They require relo. No thank you. 6 weeks later, would you be interested if it was remote?
The only people who will be required to go to the office are the worker bees or the people that want to. I know no one with the option not to go that voluntarily goes.
Centralized downtown office spaces are going to be bloody the next 3-10 years as leases expire and footprints reevaluated.
Heads Up! Blackstone IS NOT Black Rock!
FWIW
Blaming russia for Blackstone’s poor management.
562M / 1.9B = about 30%, yet...
“This debt relates to a small portion of the Sponda portfolio,”...
Something doesn't smell right about this.