UAE’s $35 Billion Egypt Deal Marks Gulf Powers’ Buying Spree
Crown jewels including resorts and a gas station chain are up for grabs. Saudi Arabia mulls purchases.
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Crown jewels including resorts and a gas station chain are up for grabs. Saudi Arabia mulls purchases.
China’s industrial companies’ profits fell in March as exports flagged and deflationary pressures persisted, suggesting the economy’s stronger-than-expected growth early this year might be tough to maintain.
New York Community Bancorp Inc. has had one of the most tumultuous quarters in recent banking history. Its first-quarter earnings will probably reveal more about impacts from the drama — and management’s plan to move forward.
Donald Trump’s longtime personal assistant, who worked for his real estate empire for decades, told a jury that she has a “vague recollection” of seeing Stormy Daniels at Trump Tower sometime before 2015.
The delinquency rate for US small businesses climbed to a three-year high this month, reflecting the impact of rent spikes and declining revenue, according to a monthly survey.
Apr 8, 2020
Bloomberg News
,(Bloomberg) -- Blackstone Group Inc. has finished raising a 9.8 billion-euro ($10.7 billion) fund that will target European real estate.
The fund swells the firm’s uninvested capital for opportunistic property bets to about $30 billion just as the coronavirus outbreak roils markets worldwide. It’s also the largest private equity capital raising to complete since the pandemic’s outbreak, according to data compiled by Bloomberg.
“Despite the uncertain economic environment, the significant demand we’ve seen from around the world is testament to the continued confidence our investors have in our ability to deploy strategic long-term capital to assets and businesses across Europe,” James Seppala, Head of Real Estate Europe, said in an emailed statement.
Blackstone Real Estate Partners Europe VI made its first investment toward the end of last year when it purchased Dream Global Real Estate Investment Trust, according to the statement. The C$6.2 billion ($4.4 billion) deal was completed in December and added European office and industrial assets to Blackstone’s property portfolio, currently the world’s largest.
Many of the real estate bets made by Blackstone in the aftermath of the 2008 global financial crisis proved to be among the firm’s most profitable.
In recent weeks, landlords including Blackstone have had to negotiate rent waivers and other support measures as tenants were hit by the economic impacts from governments telling people to stay home amid the pandemic.
Many private equity firms have had to focus attention on protecting companies in their portfolios by shoring up cash and drawing on credit lines. Only 4% of investors see the current market as a buying opportunity, CIL Management Consultants said on Wednesday, citing a survey of PE clients.
Some managers are still busy raising capital. European asset manager Ardian is close to finalizing a new $18 billion fund to acquire private equity stakes.
©2020 Bloomberg L.P.