Blackstone has increased its real estate holdings from $166bn to $207bn (£151bn) in the last quarter.
Its fee-earning property portfolio is now valued at $166.3bn, up 24% from the $134.3bn reported for the same quarter last year. Its perpetual capital real estate portfolio almost doubled from $57.3bn in Q2 2020 to $95.4bn.
Fee-related earnings for its real estate portfolio also soared by an extraordinary 48% to $348m, while distributable earnings for the year to date have topped $2.24bn.
Over the quarter Blackstone has sold more than $5bn of real estate, including the sale of the Australian logistics platform Milestone. The deal was the largest private real estate transaction in Australian history. It has invested a further $4.8bn, while building up inflows of $8.8bn, primarily in its Core+ fund. The value of its opportunistic real estate fund rose by 9.4% over the quarter, 25.4% over the past 12 months, while Core+ rose by 5.7% over the quarter and 18% over the year.
The world’s biggest private equity firm also doubled increased its total assets under management to $684bn, while its net attributable income rose from $568m to $1.31bn over the same period.
Blackstone is sitting on $130bn of dry powder, $36.2bn of which is allocated to real estate investment.
Chair and chief executive Stephen Schwarzman said, “Blackstone again reported outstanding results in the second quarter, including our best-ever quarter of fund appreciation.
“The result is 21% year-over-year growth in total assets under management to a record $684bn and continued elevation in the power and quality of Blackstone’s earnings.”
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