Blackstone bolstered its real estate assets under management by a third during the past quarter, adding to a set of results that chairman and chief executive Stephen Schwarzman described as “the best in our 36-year history”.
The private equity group posted real estate AUM of $230bn (£194bn) for the third quarter, up by 32% from a year ago.
Inflows of $16bn included a record $7.9bn into the group’s Blackstone Real Estate Income Trust, $4bn in its third Asian opportunistic fund and $2.2bn across Blackstone Property Partners funds.
The group sold $7bn of real estate assets during the quarter, including the completion of its $5.65bn sale of The Cosmopolitan in Las Vegas, which it said was the division’s most profitable sale ever. It bought the hotel and casino for $1.7bn in 2014.
At group level, net income for the quarter stood at $3.2bn, up by almost 90% on a year ago. Total AUM of $730.7bn was up 25% year-on-year.
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