Blackstone Agrees to Buy Duke Realty's Suburban Office Holdings for $1.08B
BusinessWeek reports: Blackstone Group LP, the world’s largest private-equity firm, agreed to pay $1.08 billion to buy Duke Realty Corp.’s suburban office holdings in U.S. cities including Chicago, Dallas and Atlanta.
Blackstone Real Estate Partners VII will buy the 82 buildings with a combined 10.1 million square feet (938,000 square meters) of space, Indianapolis-based Duke Realty said in a statement. They include “substantially” all of Duke’s wholly owned suburban office properties in the Midwest and South.
Blackstone has invested more than $7 billion in real estate this year, and has raised $4 billion for its latest property fund that the New York-based firm expects to exceed $10 billion, Chairman Stephen Schwarzman said yesterday.
“Blackstone has a lot of capital to deploy so they need to deploy it in large chunks,” Ben Thypin, director of market analysis for global commercial real estate research firm Real Capital Analytics Inc., said in a telephone interview. “It seems like they got a good discount to what comparable properties have been trading for in those regions, especially considering how well-leased and relatively new the properties are.”
View the full article on BusinessWeek: Blackstone Agrees to Buy Duke Realty's Suburban Office Holdings for $1.08B
Articles related to this topic:
Cross-border Investment in the US Growing
Large Retail Joint Venture Finalized Between TIAA-CREF and CBL
Private Equity Continues Investment in CRE
Canadians Look to NYC for Higher Yields
2011 US YTD Volume Ahead of 2010 Numbers
Hotel Development on the Rise
Kennedy Wilson Increases Assets Under Management with $1.8B Purchase in London
Posted by: Nina Turner