MORNING NEWS: Blackstone has $55bn of dry powder for ‘most fun’ part of cycle

Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of industry-relevant headlines from the nationals, all perfectly curated to set you up for the day ahead. Private equity giant Blackstone is sitting on some $55bn (£42bn) of dry power to invest in real estate, and its leadership sees the market picking up. Reporting its third quarter results yesterday, the group said that it had already spent or committed some $22bn on real estate over the first nine months of the year, which is more than double what it had done in the same period in 2023. And it expects to keep spending, before making some realisations. The investor said it would continue investing in data centres, industrial and rental housing as the “most fun” stage of the cycle approached. On an earnings call chief executive Stephen Schwarzman said the firm would find “interesting places to deploy capital”, adding that it was possible that it could start buying offices again, albeit on a “selective basis”. Elsewhere in the deployment of capital, Cain International and Apollo have forward funded what is set to be Bristol’s tallest tower. The pair have provided the capital to Olympian Homes and Whitbread’s plans for the £200m St James House, a circa 570-bed student and co-living scheme in the city. Once complete, the tower will rise to 28-storeys making if – for now – the city’s tallest. Evolve Estates has made its first foray in to the booming healthcare sector, while EG can exclusively reveal that L&G is nearing a deal to buy more than 230 homes in Birmingham City Council’s Perry Barr scheme. The council proposed plans to sell as many as 755-home in the development earlier this month has it works on fresh ways to help the troubled council rebalance its finances. And, in this week’s EG Interview, Strettons’ first non-Tobin boss Simon Tilsiter talks about finding the firm’s purpose and why being part of the DNA of an area, a long-term partner and helping places, business and people transform matters. All of the news from EG, plus a selection of headlines from the nationals: Blackstone bosses prepare for ‘most fun’ stage of the cyclePlans in for ‘regenerative’ business hub in London’s ShoreditchInspired installs new leadershipCain and Apollo fund Bristol’s tallest towerEvolve Estates enters healthcare sector with double dealStrettons’ non-familial MD on the firm’s sense of belonging and purposeBerkeley gets not to remove Fulham Gasworks towerCOMMENT Charting a course between nihilists and office apologistsHappy ending for Storyhouse as Chester extends leaseBruntwood SciTech adds another tenant to Manchester’s BondBlackstone sitting on $55bn of real estate dry powderYork’s Coney Street revamp plans tipped for green lightHarworth signs occupier for South Yorkshire manufacturing hubL&G nears deal for Perry Barr homes purchaseLiverpool One made up over Sephora lettingLSH hires from Fineman Ross for London capital marketsHeathrow hotel on the block for £30mChair sought to take helm of Bristol Temple Quarter boardPrologis Park Luton given the nodStoford drafts £180m industrial project in CheshireDeveloper given ticket for Oxford cinema conversionOxford Eastpoint Business Park revamp gets go-aheadEPC upgrade costs force TUC to sell historic HQKennedy Wilson appoints new MDWagamama-owner seeks to lock in lower interest rates with refinancingExpansionary UK budget likely to slow BOE rate cuts (£)No plan to revive HS2 rail link to northern England, govt source says (£)Competitive socialising pulls Brits from the pub (£)Stringfellows hit with winding up petition in row with taxman (£)The ‘Olympics of design’ returns to London with a call to action (£)Reeves to leave capital gains tax on property untouchedSurprise rise in UK retail sales in September (£)