Blackstone Inc. manages alternative investment strategies across private equity, real estate and real assets, credit and insurance, and other alternatives for institutional, insurance and individual investors. News about BX commonly covers operating and financial results, realization activity, dividend announcements, fund and platform launches, and investments made through Blackstone-affiliated strategies.
Recurring developments include Blackstone Real Estate Debt Strategies lending activity, Blackstone Life Sciences financings, energy-transition and power-generation investments, data-center and digital-infrastructure initiatives, and partnerships tied to enterprise technology and AI deployment. Coverage also reflects capital formation, portfolio-company activity and updates from public vehicles connected to Blackstone platforms.
Blackstone has successfully completed the acquisition of American Campus Communities (ACC) for approximately $12.8 billion, which includes debt assumption. This acquisition positions Blackstone to leverage ACC’s expertise in student housing, enhancing its portfolio. ACC, a leading developer and manager of student housing in the U.S., operates 166 properties with around 111,900 beds. The deal is expected to enable further investments and growth in high-demand student housing markets.
Atlantic Power Transmission LLC (APT), a Blackstone portfolio company, has partnered with Morrison Energy to enhance New Jersey's offshore wind energy capabilities. This initiative follows APT's $50 million investment aimed at workforce development in the state, focusing on local fabrication of 5,000-ton substation foundation jackets. The project is expected to generate $1.5 billion in economic benefits and create 1,000 direct jobs annually during its construction phase, positioning New Jersey as a leader in the offshore wind transition.
Blackstone has completed its acquisition of PS Business Parks, Inc. for $187.50 per share, amounting to approximately $7.6 billion in an all-cash deal, including expenses. The transaction, first announced on April 25, 2022, positions Blackstone as a leading player in commercial real estate, enhancing its extensive portfolio of multi-tenant industrial properties and suburban office spaces. PSB manages 93 sites with 4,800 tenants and 27 million square feet of space, strengthening Blackstone's foothold in key coastal markets.
Blackstone Private Credit Fund (BCRED) has announced a special distribution of $0.07 per share, an increase from the previously declared $0.05 per share, due to strong earnings and the benefits of rising interest rates. This distribution is scheduled for payment on or about September 1, 2022, with a record date of August 21, 2022. BCRED, as part of Blackstone's $74 billion direct lending platform, focuses on providing income to investors through private credit.
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Hudson Pacific Properties and Blackstone have received planning approval for the Sunset Waltham Cross Studios in Hertfordshire, set to open in 2025. This state-of-the-art facility will feature 21 sound stages and is expected to create over 4,800 jobs while contributing £300 million annually to the local economy. The project focuses on sustainability, aiming for LEED Gold certification and a BREEAM Excellent rating. Construction is projected to begin in 2023, marking a significant expansion for Hudson Pacific and Blackstone's studio operations in the UK.
Blackstone has committed $400 million to lead a strategic investment in Xpansiv Limited, a key player in the carbon and environmental commodities market. This investment aims to enhance Xpansiv's capabilities, allowing them to better connect buyers and sellers while supporting climate change mitigation goals. Blackstone's Senior Managing Director, Bilal Khan, emphasized the potential of environmental commodities as a new asset class. Xpansiv's CEO, Joe Madden, expressed excitement over the partnership, which will drive growth and innovation in ESG-inclusive markets.
Phoenix Tower International (PTI) has signed a definitive agreement to acquire up to 3,800 telecommunications sites in Chile from WOM S.A. for approximately $930M. The deal entails the acquisition of 2,334 tower sites initially and 1,466 more by 2024. This acquisition positions PTI as the largest communications tower owner in Chile, expanding its global network to over 22,000 towers in 19 countries. The transaction is expected to close in Q3 2022 and will be funded by various financial providers, including affiliates of Blackstone.
Blackstone (NYSE: BX) announced a $1.2 million donation to RiseBoro Community Partnership over 15 years to support resident services in Brooklyn, NY. This agreement restructures their partnership, allowing RiseBoro to acquire a majority interest in three multifamily properties, preserving 190 affordable units. The move resolves previous litigation and reflects a shared commitment to community revitalization. Blackstone aims to enhance affordable housing and improve local communities through this collaboration.
Blackstone Private Credit Fund (BCRED) announced a special distribution of $0.05 per share due to strong earnings and rising interest rates. The distribution will include any estimated undistributed net investment income above $0.05 per share, with a record date of August 21, 2022, and payment expected around September 1, 2022. BCRED aims to provide individual investors access to private credit, backed by Blackstone's $74 billion direct lending platform. The fund is externally managed by Blackstone, a major player in credit investing with $230 billion in assets under management.