Summary: Blackstone European Property Fund (BEPIF) provides income-focused individual investors access to institutional quality European real estate. It is Blackstones first office acquisition outside of London in the UK, although it has had previous exposure to regional offices through non-performing loans. Because in todays backdrop, where rates are so low, where a traditional 60-40 portfolio just isnt generating enough return in both appreciation of the underlying assets and also income, investors and advisers are realizing that to generate the income and return on a risk-adjusted basis, [you need alternatives], Todd Myers, senior managing director and chief operating officer of Blackstone Private Wealth Solutions, told Citywire. Through its new Blackstone European Property Income Fund, the US investment manager Blackstone has acquired a logistics platform from Singapore-based Elite Partners Capital and Macquarie Capital for 520 million. It could wait out an 18 months suspension of rent increases and a moratorium on evictions that continues until March 2022. Guardians of the Arches said that although The Arch Co. hasnt lost any tenants, some have surrendered part of their lease, giving them less space. Read more: Pimco, Brookfield Office Defaults Signal Deepening Property Pain. I was in search of an online course; Perfect e Learn The $71bn Blackstone Real Estate Income Trust has become a barometer of the health of the commercial property market and a driver of asset and fee growth at This content is only available to registered users You must be logged in to continue Would you like to read more? 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.. n/a: Street Address 1 Street Address 2; 2-4, Rue Eugene 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. Jon Gray, President and COO of Blackstone. Its not just Blackstone. We regret that the service provider did not move further with our proposal ". Kingland had been in the works since 2018. Landsec said the completion of the Harbour Exchange sale to Blackstone European Property Income Fund will take place before the end of the year. university In this article. In 2018, Blackstone became the U.K.s largest small-business landlord. The firm bought a portion of Facebooks Dublin campus towards the end of last year for 395m for its core-plus platform. Is the only way to resist to threaten to move out? asked Ben Mackinnon, who started the E5 Bakehouse ten years ago. Andy Street, the Mayor of the West Midlands, said: This is yet another vote of confidence in the West Midlands as we bounce back from the pandemic, and completes an investment hat trick for Blackstone with their existing investments in the NEC as well as St Modwens regeneration of the former Longbridge factory site.. the 10/12 Board We are disappointed that the servicer has not advanced our proposal, which reflects our best efforts and we believe would deliver the best outcome for note holders. Why Blackstone | BEPIF | Blackstone European Property Income You may not need the daily liquidity, which a stock and bond portfolio provides. Blackstone Group Inc., the worlds largest private equity firm, is planning to start a European property fund aimed at mom-and-pop investors. In April 2020, it banned commercial property landlords from demanding rent arrears or evicting tenants. Blackstone European Property Income Fund is a buyout fund managed by The Blackstone Group. Sponda's portfolio includes office, retail, and logistics properties. There is going to be a role for real estate in retail going forward, Johnston says. An announcement was made in 2017 that Sponda would enter into an agreement to sell all of its shares to a fund managed by the world's largest asset manager, Blackrock. The bond, which was underwritten by Citigroup and Morgan Stanley, was originally secured against 63 mostly office buildings in Finland. McWilliam previously worked at Grosvenor, an ancient, global property company owned by a royal, the Duke of Westminster. Each center will have an events program with book clubs, chess, exercise classes, and yoga plus art on the walls and more flexible, ad hoc retail opportunities like market stalls for entrepreneurs. WebThis 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 authorized for distribution. Side-letter deals risk inflating the market, Guardians of the Arches has warned, as the contracted amounts are often different from the amounts being paid. Blackstone's $71 billion unlisted real estate income trust (BREIT) has also been in hot water. Blackstone Inc. is a leading asset management giant and a prolific real estate investor. 2023 proptech predictions | End of 'period of exuberance'? 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. 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. [L4N2RU1BV], UK's Landsec sells London office property to Blackstone for $263 million, This sprinting robot could become your next beach lifeguard, Domino effect as more EU institutions ban TikTok on work devices, TikTok is setting time-limits for teens. You can still enjoy your subscription until the end of your current billing period. In 2018, Grosvenor applied for planning permission to convert the old factory site into more than 1,300 homes to rent. You may change or cancel your subscription or trial at any time online. It will be offered to investors via the firm's Private Wealth Solutions group for a management fee of 1.25%. Toronto-Dominion Bank has agreed to pay $1.2 billion to settle allegations that it aided the scheme by banking Stanford Financial despite a flurry of suspicious activities. About a third of all loans in commercial-mortgage backed securities maturing in 2023 and 2024 face high refinancing risks, according to a study published by Scope Ratings in January. Distribution and use of this material are governed by The level of cross-ownership in the sector, where multiple real estate companies own stakes in one another has also exacerbated concerns. The loan will now be transfered to a special servicer, it added. Blackstone has dramatically debuted in the UKs regional office market after securing an office in Birmingham for 182m as part of its European core-plus yield-oriented strategy, React News can reveal. Photograph:(Reuters). McWilliam initially cut his teeth in private equity and investment banking. In mid-August, a handful of business owners gathered in an arch in east London to discuss these developments and how they could resist rent hikes and eventual eviction. Compare Standard and Premium Digital here. The firm bought a portion of Facebooks Dublin campus towards the end of last year for 395m for its core-plus platform. Angus Johnston, U.K. leader of real estate at PwC, says the relationship between landlord and tenants is irrevocably changed. Blackstone Inc. defaulted on a 531 million ($562 million) bond backed by a portfolio of Finnish offices and stores as rising interest rates hit European property values. "We continue to see strong demand for high quality, sustainable office spaces that attract the best talent and employers" - JAMES SEPPALA, BLACKSTONE. In 2018, Blackstone acquired Sponda.Despite the acquisition, Sponda operated as an independent company within the Blackstone portfolio, with its operations and management remaining largely unchanged. At the time of the downgrade, 297.1 million of the senior loan remained outstanding, according to Fitch. The purchase was part of BlackRock's plan to grow its ability to invest in real estate in Europe and to get a bigger share of the Nordic market. It came on the heels of the news that The Arch Co. was getting a new chief executive, Craig McWilliam. WebBlackstone European Property Income Fund Master FCP; Firm: Fund # CIK # 0001886201: Sale: Fund: Phone: 2125835000: Address: 1113 Boulevard de La Foire Grand Duchy of Luxembourg, Luxembourg L-1528: Source: Fund AUM and Sold ($) 1.0 0.8 0.6 0.4 0.2 0.0 2009 2013 2017 2022: Fund Details; Director: Custodian: Auditor: Marketer: Fitch downgraded the notes in December, saying that weak macroeconomic outlook and limited appetite for lending against secondary quality illiquid assets create significant challenges for refinancing. analyse how our Sites are used. Even before Covid-19, a commercial real-estate portfolio of that size was risky. The purchase is understood to reflect a net initial yield of around 5%, a level considered relatively attractive compared to other core markets the investor operates in. But there are signs that it is increasingly hunting for assets to give both institutional and individual investors exposure beyond the traditional portfolio. The basis of a lot of the decisions that were made in the past have been undermined by what has happened [during the pandemic], says Johnston from PwC. 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. On Wednesday, the BREIT said it was forced to limit withdrawals for the fourth straight month. Document Type. Expert insights, analysis and smart data help you cut through the noise to spot trends, 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. In this prime urban location, companies like Weezy and Zapp say the arches are ideal places for business. A quarter of The Arch Co. portfolio across the country is empty but occupation is increasing in this part of east London. But, our concern was whether she could join the universities of our preference in abroad. There are signs LGIM is trying to reduce this funds exposure to retail: In the second quarter of 2021, it disposed of four assets, including two high-street shops and a retail warehouse park. Blackstone's $71 billion unlisted real estate income trust (BREIT) has also been in hot water. Investors have been spooked by the landlords use of relatively short-term debt, which has made them more vulnerable to the rising rates. Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for $1 for 4 weeks, You will be billed $69 per month after the trial ends, Russian far-right fighter claims border stunt exposes Putins weakness, Feds Daly says US rates likely to be higher for longer, Something is boiling: Turkish football fans tackle Erdoan, Three-day weekends and more time for love: Chinas elite dream up policies for Xi, Germany and Italy stall EU ban on combustion engines, Saudi owner of Londons most expensive house sued over alleged unpaid private jet bills, Why the Jeffrey Epstein scandal continues to haunt JPMorgan and Barclays, US electric vehicle batteries poised for new lithium iron age. Then, in September 2020, the U.K. hospitality industry warned that businesses would collapse if the moratorium was lifted and the ban stayed. Some investors are taking radical measures. All Rights Reserved. But it cannot escape the fact that the U.K. government has fundamentally changed the rules of the game. A lot of that capital expenditure had to be paused because of Covid, but as the lockdown eased, The Arch Co. was preparing to bring empty arches which make up a quarter of the portfolio back into use. They called the new entity The Arch Co. London W1U 4DA program which is essential for my career growth. November 2022. WebBLACKSTONE EUROPEAN PROPERTY INCOME FUND (MASTER) FCP (LEI# 2221003VMKVL7LLZ3957) is a legal entity registered with LONDON STOCK EXCHANGE LEI LIMITED. Blackstone, with $649 billion under management, could weather a year without 80 million of rental income. 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. WebThe Blackstone Group International Partners LLP (BGIP) is a limited liability partnership registered in England and Wales under number OC352581 and is authorised and Dr. Judy is a Prophet, Pastor and Life Coach. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. SC asks Authum Investments to implement resolution plan for Reliance Home Finance22 hrs ago, Uttar Pradesh CM meets aggrieved Noida homebuyers, assures 'complete solution'22 hrs ago. Meanwhile, the LGIM U.K. Property Fund, which has over 2 billion in assets, offered investors a 7.96 percent return in the 12 months through June 30. 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