Blackstone goes long on RE
Blackstone invested or committed $4.1bn (£3.4bn) in real estate in the third quarter, according to its latest results. The investment giant expanded its property portfolio by 9% in the past year to $101.9bn worldwide – 28% of its total assets under management. The company has a further $33.2bn in undrawn capital set to target real estate.
LCP launches PRS fund
London Central Portfolio has launched a £100m private rental sector fund. The five-year London Central Apartments IV fund will target offices with added-value potential in prime locations in the capital. LCP said it was not planning to launch a fund this year but did so in response to demand from investors.
UK fund value shrinks
The size of UK property funds dropped by £2.8bn between January and the end of August, according to the Investment Association. The two largest falls came in June and July when a combined £3bn was withdrawn. However, in August overall investment increased marginally by £1m, leaving £25.4bn in funds.
UK office returns dip
UK office capital and rental growth both fell by 3% in the third quarter, according to JLL’s latest UK Property Index. Property returns fell 0.9% in Q3 as total return over the past 12 months stood at 5.3%. UK offices were hardest hit with total returns down by 1.8%, while industrial assets’ returns were up by 1%.
