by Andrea Zander Macquarie Capital Principal Finance, in partnership with Singaporean real estate fund Elite Partners Capital, has sold its first pan-European logistics portfolio, Elite Logistics Fund I, to Blackstone European Property Income Fund (BEPIF) for 520 million ($587 million). Digital Forensics. Blackstone launches European real estate income fund What the SPR Refill Means for Oil Futures, Modern Slavery Act Transparency Statement. The deal, worth 1.46 billion, was among Blackstones biggest British real-estate investments. I was already a teacher by profession and I was searching for some B.Ed. Its much more important to look at what they want around ESG, to look at carbon capture., This is a massive change of mindset for real-estate investors. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. A year later, M&Gs U.K. property fund was still to reopen. We use Document Type. That year, Blackstone partnered with the U.K.s largest privately owned property company, Telereal Trillium, to buy an entire portfolio of commercial real estate off British government-owned Network Rail. The universe of investment is wider, and the appeal of real estate has materially changed, Hughes says. Entrepreneurs like Dean are happy. Offices had delivered 88 percent of their rent, but retail just 61 percent. London W1U 4DA Read more: Pimco, Brookfield Office Defaults Signal Deepening Property Pain. Blackstone defaults on $562 mln Nordic property-backed CMBS The bakery and cafe occupies two arches right under London Fields train station and employs 100 staff. Blackstone's $71 billion unlisted real estate income trust (BREIT) has also been in hot water. property Blackstone fund keeps limits on outflows as redemption A week after she started working on a business plan for a plant shop, she heard about the opportunity to take on an empty retail unit on Kingland, with free rent and business rates for the first two years. WebElite Logistics Fund sells pan-European logistics portfolio to Blackstone European Property Income Fund Singapore-based Elite Logistics Fund has successfully | 18 comments on LinkedIn "We continue to have full confidence in the core Sponda portfolio and its management team," the company added. I strongly A group that included the Blackstone Real Estate Income Trust last year acquired the real-estate assets of the Las Vegas Cosmopolitan casino and hotel in Las Vegas. Blackstone Inc has defaulted on a 531 million euro ($562.5 million) bond backed by a portfolio of offices and stores owned by Finnish company Sponda Oy, Bloomberg News reported, as rising interest rates hit European property values. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. We continue to have full confidence in the core Sponda portfolio and its management team, whose priority remains delivering high-quality retail and office assets.. SEC FORM D The changing makeup of these portfolios is a signal to investors that the landscape in commercial real estate has irrevocably changed. In 2019, DekaBank, acting as sole arranger and underwriter, refinanced Ashbys debt on the asset with a 81.5m three-year term loan. European Overview - Blackstone There are lots of features, but with the emergence of online retailing, this sector called retail has been facing headwinds for some time.. Enter McWilliam, a man from a family of surveyors his father and his wife are both in the trade. WebFeb 2022 by Property Forum | Investment Savills, together with Eastdil Secured, has advised Macquarie Capital Principal Finance and Elite Partners Capital on the sale of a pan-European logistics portfolio, Elite Logistics Fund I to Blackstone European Property Income Fund (BEPIF) for 520 million. Blackstone will review opportunities for prime offices in the UKs largest regional cities that offer similar fundamentals to that of Birmingham. Blackstone WebCode. Blackstone defaults on $562 million Nordic property-backed CMBS Many UK commercial landlords are looking to diversify into mixed-use properties and focus on higher-return opportunities as the pandemic erodes the valuations of retail and office spaces, and an extended moratorium on rent hurts their income streams. Youre going to have a more symbiotic partnership between landlords and tenants, he says. Summary: Blackstone European Property Fund (BEPIF) provides income-focused individual investors access to institutional quality European real estate. On Wednesday, the BREIT said it was forced to limit withdrawals for the fourth straight month. Why Blackstone | BEPIF | Blackstone European Property Income Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for $1 for 4 weeks, You will be billed $69 per month after the trial ends, Russian far-right fighter claims border stunt exposes Putins weakness, Feds Daly says US rates likely to be higher for longer, Something is boiling: Turkish football fans tackle Erdoan, Three-day weekends and more time for love: Chinas elite dream up policies for Xi, Germany and Italy stall EU ban on combustion engines, Saudi owner of Londons most expensive house sued over alleged unpaid private jet bills, Why the Jeffrey Epstein scandal continues to haunt JPMorgan and Barclays, US electric vehicle batteries poised for new lithium iron age. Theres going to have to be a reset, and thats never an easy experience. Johnston says investors will increasingly find themselves in a situation where the financial viability of the investment is linked to the success of the tenant and that investors will get ahead by using data creatively to figure out how to change the terms of their offer. This is not as expensive as you may think, Ibrahim says. India Dot Com Private Limited. WebBlackstone European Property Income Fund (Master) FCP: Street Address 1 Street Address 2; 11-13 BOULEVARD DE LA FOIRE: City State/Province/Country L-1528: 212-583-5000: 3. Blackstone Please review and accept these changes below to continue using the website.You can see our privacy policy & our cookie policy. The purchase is understood to reflect a net initial yield of around 5%, a level considered relatively attractive compared to other core markets the investor operates in. analyse how our Sites are used. We would suggest, as would most CIO offices, by having almost all assets in a daily liquidity structure, you give up return and income, Myers said. In pursuing its investment objective, the Fund seeks to outperform the Markit iBoxx USD Liquid Leveraged Loan Index (the Primary Index) and the Morningstar LSTA U.S. Landsec said the completion of the Harbour Exchange sale to Blackstone European Property Income Fund will take place before the end of the year. WebSenior Vice President at Macquarie Principal Finance Report this post Report Report The future for many of these tenants is unclear. BREIT recently disclosed that it had to restrict withdrawals for the fourth consecutive month, demonstrating that the corporation still has difficulties in the current market. or Is the only way to resist to threaten to move out? asked Ben Mackinnon, who started the E5 Bakehouse ten years ago. An announcement was made in 2017 that Sponda would enter into an agreement to sell all of its shares to a fund managed by the world's largest asset manager, Blackrock. Marcus Geddes, Managing Director Central London at Landsec said: The sale of Blackstone has taken a very different approach. It seemed like a good investment: Network Rail, swimming in 46.5 billion ($63.9 billion) in debts, had delayed 162 million in investment in the portfolio. That experience matters with a portfolio where surveyors are heading to arbitration over the issue of how much the retail space is worth per square foot and how value might be increased by raising rent, changing the size of the lease, or changing the use. Blackstone, with $649 billion under management, could weather a year without 80 million of rental income. Awarding Excellence Across the Indian Real Estate .. Harbour Exchange, located in the Docklands area, comprises two redeveloped office buildings, housing datacentre and office space, and was let to Equinix (UK) Ltd with an unexpired lease term of nearly 20 years. A quarter of The Arch Co. portfolio across the country is empty but occupation is increasing in this part of east London. Blackstone European Property Income Fund SICAV. Landsec sells London office property to Blackstone for The real sting for tenants would come further down the line: Once the moratorium expired, tenants would find themselves on the hook for all of the rent in arrears. Mopeds line up in front of open arches filled with rows of metal shelving, bursting with dried goods and household cleaning products. Blackstone launches European real estate income fund UKs Land Securities Group Plc said on Friday that it has agreed to sell Harbour Exchange, a London office property, to Blackstone Inc for 196.5 million pounds ($262.82 million) as the commercial landlord reshuffles its portfolio. Grade 10 and 12 level courses are offered by NIOS, Indian National Education Board established in 1989 by the Ministry of Education (MHRD), India. Harbour Exchange, located in the Docklands area, comprises two redeveloped office buildings, housing datacentre and office space, and was let to Equinix (UK) Ltd with an unexpired lease term of nearly 20 years. successful learners are eligible for higher studies and to attempt competitive Blackstone Bepimmo | Blackstone European Property Income But some tenants have said that the information requested is excessive. WebBlackstone European Property Income Fund Associates (German Minority) S. r.l. (Reporting by Jaiveer Shekhawat and Mehnaz Yasmin in Bengaluru; Editing by Anil D'Silva, Shinjini Ganguli and Josie Kao), Ukrainian pilot pair in Arizona to fly military simulators - US official, Another Norfolk Southern train derails in Ohio; company says no toxins aboard, UPDATE 1-China sets economic growth target of around 5% as parliament opens, China to develop more energy and mineral reserves and boost production, China Sets Modest Growth Target as Economic Risks Persist. Blackstone had asked the bondholders for In 2018, Blackstone acquired Sponda.Despite the acquisition, Sponda operated as an independent company within the Blackstone portfolio, with its operations and management remaining largely unchanged. The firm bought a portion of Facebooks Dublin campus towards the end of last year for 395m for its core-plus platform. Blackstone had asked the bondholders for more time to pay back the debt, but they said no.As a response to that, private equity company shares decreased by 1.6%. These colossal brick buildings, once filled with vibrant concessions, bored teenagers, and middle-aged women queuing with trays in lunch canteens, now lie dark and empty in the center of many U.K. towns, their shuttered doors a physical manifestation of the rot that has set into the retail sector. Property It was compared in scale to Blackstones 2015 purchase of Stuyvesant Town, Manhattans biggest apartment complex, and aroused similar political scrutiny. SEC FORM D https://www.wsj.com/articles/blackstone-property-fund-targeting-small-investors-passes-50-billion-11642510801. The drop in prices has so far not led to widespread credit losses, so some creditors are betting that rapid sales can still ensure debt is fully repaid. 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