July 25, 2016 Comments Off on CRE Fuels Blackstone Profits Views: 245 California, California News, West

CRE Fuels Blackstone Profits

Riding the wave of gains in real estate, as well as its credit portfolios, Blackstone Group LP reported quarterly profits increased 2%. Economic net income increased to $520 million from $508 million a year earlier.

Increases were fueled by a series of small gains. Sales of CRE office properties, as well as stakes in other buyout firm’s funds, pushed real estate and equity realizations to $7.2 billion for the quarter. Among the CRE activity included selling parts of its Equity Office Properties Trust portfolio and a stake in Hong Kong-based real estate company Tysan Holdings Ltd.

Blackstone’s Tony James says it experienced “stable but not out-sized earnings,” noting that realizations for the quarter remained strong and the giant alternative asset manager expects to “be in active disposition mode for the balance of this year.”

Read More at Bloomberg

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