Bisnow Deal Of The Month: Blackstone's $8B Biomed Buyout
Winner: Blackstone's $8B acquisition of BioMed Realty Trust
Why: Nothing says "real estate alpha dog" like an $8B buyout just hours after news of a 72% cut in Q4 profits. That's exactly what Blackstone did to close out January with its monster purchase of healthcare REIT BioMed Realty Trust. And for that, Blackstone picks up January's Bisnow Deal Of The Month.
Hallmark deals like this are the reason why CEO Steve Schwarzman says not to worry about the company's Q4 slump—and why Blackstone stands alone atop the private equity real estate mountain.
With Blackstone sitting on $23.5B in dry powder for real estate, expect more of the same from the company throughout 2016. Even with firms like Brookfield gunning for the company's commercial real estate throne.
Honorable Mentions:
- $7.7B Colony Starwood merger: Starwood Waypoint Residential Trust and Colony American Homes to become one of the US' biggest homeowners.
- Kimco's $1.7B property sale: Kimco Realty unloaded 88 properties as part of a massive restructuring program.
- Citi's $2B HQ buyback: CitiGroup bought back its NYC HQ from SL Green Realty, adding its 2.7M SF to its portfolio.
This is the first in a monthly series of articles recognizing the best deals in commercial real estate. Please send your nominations for a local "Deal Of The Month" to [email protected].
