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☆ No degree? No problem. Inside Blackstone's ambitious plans to internally grow talent for its data centers and other portfolio companies
▼ + stars: | 2024-09-30 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +10 min

It's launched an internal Data Center Academy to find and train candidates to fill the specialized technical positions that can be tricky to hire for. QTS's talent programs have led to 100 new, trained hires, or 8% of the company's total size. Here's how Blackstone's Career Pathways program is helping the firm solve its data center talent problem. So far, the firm has placed five Data Center Academy cohorts in eleven markets. Dawon said the Data Center Academy taught him both hard and soft skills, such as public speaking and the ability to navigate a corporate environment.

Persons: Blackstone, Dawon, —, Steve Schwarzman, It's, Blackstone's, Joe Baratta, Marcus Felder, Felder, it's, Jon Gray, QTS, they've, Kimberly Hines, Alhaji Dawon, hadn't Organizations: Service, Uptime Institute, Blackstone Infrastructure Partners, Blackstone Property Partners, Data Center Academy, Manhattan, Blackstone Investing, Blackstone, Business, Department of Defense, cybersecurity, QTS Locations: QTS, cybersecurity

☆ 65-year-old CEO turned at least 88% of his employees into millionaires after selling his company for $70 million
▼ + stars: | 2024-07-24 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +1 min

When Jay Chaudhry sold his first company for $70 million, he focused less on his own riches, he says — and more on how the deal could turn dozens of his employees into millionaires. Chaudhry, 65, is known today as the billionaire founder and CEO of Zscaler, a cloud cybersecurity firm valued at roughly $28 billion, as of Wednesday afternoon. Nearly two years after the deal closed, as VeriSign's stock price soared, more than 70 of SecureIT's 80 employees "on paper, were millionaires," Chaudhry tells CNBC Make It. "People were going crazy in the company, because they had never thought of so much money," he says. The bubble burst later that year, and VeriSign's stock lost roughly 75% off that high point at the end of 2000, sinking to a low of nearly $4 in 2002.

Persons: Jay Chaudhry, Chaudhry, Jyoti Organizations: CNBC

☆ Blackstone is doubling down on its efforts to woo the wealthy with 2 new funds, flying in the face of BREIT critics
▼ + stars: | 2024-07-18 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +5 min

AdvertisementBCRED, the firm's first credit fund for individual investors, raised $3.4 billion in this quarter, more than the $1.4 billion raised by BXPE and the $990 million raised by BREIT. AdvertisementSchwarzman combined his analysis of BREIT's success with a rosier picture of the larger macro environment in real estate. Since calling the bottom of the real estate market at the beginning of the year, Blackstone's confidence that inflation is receding has continued to increase, leading to more deployment of capital into real estate. It's also providing more possibilities to exit and realize returns on its real estate assets. The firm, which is deploying nearly $15 billion into real estate this year, according to Gray, sees sunny days ahead.

Persons: —, Steve Schwarzman, Jon Gray, Gray, Blackstone, prorated redemptions, we've, BXPE, prorating, Schwarzman, BREIT, REITs, It's Organizations: Service, Business, Blackstone Infrastructure Partners

☆ Billionaire investor Barry Sternlicht, master of the downturn, is now embroiled in one
▼ + stars: | 2024-05-24 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +6 min

Read previewBarry Sternlicht became a real estate billionaire by snapping up commercial properties on the cheap during market downturns. The 63-year-old Miami-based executive, who built his firm Starwood Capital into a more than $100 billion real estate investment behemoth, has now found himself on the flipside of that formula. The situation is a reversal of fortune for Sternlicht, who is more used to capitalizing on real estate dips than becoming entangled in them. But investor sentiment darkened as interest rates rose and put pressure on real estate asset values. "They're concerned that there may be more markdowns in net asset value if interest rates stay higher for longer.

Persons: —, Barry Sternlicht, SREIT, Sternlicht, Matt Malone, REITs, Malone, Kevin Gannon, Gannon, Jon Mechanic, Fried Frank, Mechanic, Barry Organizations: Service, Starwood Capital, Starwood, Income Trust, Business, Federal Reserve, Shareholders, Westin, Caesars, Opto Investments Locations: Miami, Vegas, SREIT

☆ Why the biggest real estate funds still struggle
▼ + stars: | 2024-05-17 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +8 min

Read previewBlackstone, the world's largest landlord, contends the worst is over for commercial real estate. In the first quarter, shareholders in Blackstone Real Estate Income Trust, or BREIT, its $59 billion flagship real estate investment fund, pulled out almost a billion dollars a month on average, according to the company's first-quarter earnings statement. A similar investment fund operated by Barry Sternlicht's Starwood Capital has had an even greater retreat by investors. Share pricing is determined through appraisals of the value of the underlying real estate holdings. In May, Blackstone Real Estate Partners X also completed the $3.5 billion acquisition of Tricon Residential, an owner of single family rental homes.

Persons: —, Barry Sternlicht's, Kevin Gannon, BREIT, reinvigorating, anemic, REITs, Jonathan Gray, Blackstone Heidi Gutman, NBCUniversal, Jon Gray, they're, Gray, outperformance, redemptions, Blackstone, Gannon, They're, Sternlicht, Todd Henderson, REIT, Henderson, It'll Organizations: Service, Investors, Income Trust, Business, Barry Sternlicht's Starwood Capital, Starwood Real, Blackstone, Starwood, KKR, Apollo, Federal Reserve, Communities, Blackstone Real Estate Partners, Tricon Locations: Blackstone, Brookfield, BREIT, Tricon, Nashville, DWS

☆ Inside the Growing Alarm Over Blackstone's BREIT Real-Estate Fund
▼ + stars: | 2024-05-07 | by ( Bethany Mclean | ) www.businessinsider.com time to read: +23 min

Investors in Blackstone's real-estate fund asked for their money back in droves — more than $15 billion to date. Unless the real-estate market comes roaring back, analysts warn, BREIT could end up shrinking to a fraction of its current size, leaving the fund's investors holding the bag. Only 3% of BREIT's holdings are in office buildings, which have been ground zero for commercial real estate pain. Advertisement"Not all real estate is created equal," BREIT boasted in a recent letter to stockholders, "and where you invest matters." "Commercial real estate is a slow burn," Brian Moynihan, the CEO of Bank of America, recently observed.

Persons: Blackstone, —, BREIT, REITs, Steve Schwarzman, Jeenah, Nate Koppikar, Craig McCann, BREIT's, Chilton, McCann, McCann, Horacio Villalobos, That's, Donald Trump, Robert Chang, Schwarzman, Michael Blackshire, Phil Bak, Stephen Schwarzman, Shannon Stapleton, Brian Moynihan, it's, It's Organizations: BREIT, Orso Partners, Securities Exchange Commission, Blackstone, SEC, Chilton Capital Management, SLCG Economics Consulting, Publicly, University of California, Regents, Armada Investors, Reuters, Bank of America Locations: BREIT, Lisbon, Fideres

☆ Apple wants to give the iPad a boost
▼ + stars: | 2024-05-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

The tech giant's event will reportedly showcase a new family of… iPads and iPad accessories. But Apple's event , which kicks off at 10 a.m. EST, is looking to give the iPad a boost. iPhone sales have noticeably dipped, which is why you're hearing Apple tout its "services" business , writes BI's Peter Kafka. And the new product Apple wants you to be excited about — the Vision Pro — hasn't lived up to the hype. a16z joins the Big Tech "fake work" debate.

Persons: —, Tyler Le, they're, iPads, Antonio Villas, Boas, BI's Peter Kafka, Peter, hasn't, Katie Notopoulos, Wall, Lauren DeCicca, Tim Cook, Katie, aren't, I'd, we'll, I'm, Alyssa Powell, Danielle DiMartino Booth, James Devaney, Roger Kisby, Jack Dorsey's, Elon, Dorsey, Elon Musk, Satya Nadella, OpenAI, Jeff Bezos, Mark Zuckerberg, Warren Buffett, Berkshire Hathaway, a16z, Emily Sundberg, Andreessen Horowitz, David Ulevitch, Vladimir Putin, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Apple, Google, Getty, US Treasury, National Bureau of Economic Research, Images, Penske Media, Microsoft, Tech, Paramount, Berkshire, Big Tech, Walt Disney Company Locations: BREIT, New York, London

☆ Prologis CEO Hamid Moghadam goes one-on-one with Jim Cramer
▼ + stars: | 2024-03-18 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Prologis CEO Hamid Moghadam goes one-on-one with Jim CramerPrologis Co-Founder, Chairman and CEO Hamid Moghadam joins 'Mad Money' host Jim Cramer to talk the state of REIT's, the real estate market, AI implementation and more.

Persons: Hamid Moghadam, Jim Cramer Prologis, Jim Cramer Locations: REIT's

☆ 'Opportune time to invest in real estate': Pros name 5 REITs to buy right now
▼ + stars: | 2024-02-21 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

Mounting inflation and interest rates have put significant pressure on several sectors — especially real estate. He suggests that investors look to have 10% of their portfolio exposed to "real estate in some form, as a good rule of thumb." "That exposure can come from REITs [real estate investment trusts] or direct ownership, or other real estate investments if you are a large investor. Rick Romano, Head of Global Real Estate Securities at PGIM Real Estate, agrees, saying that REITs offer investors "a unique and fantastic" opportunity to invest across geographies and segments right now. "It's an area that we see some of the best growth rates within the real estate space," he added.

Persons: Kevin Brown, Brown, Rick Romano, PGIM's Romano, Morningstar's Brown Organizations: Morningstar, CNBC Pro, Global Real Estate Securities, Fund Locations: U.S, Canada

☆ OUE commercial real estate portfolio should still see growth this year
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOUE REIT's commercial real estate portfolio in Singapore should still see some growth this year: CEOHan Khim Siew, CEO of OUE REIT says that while the commercial real estate market might be struggling globally, "Grade-A" offices in Singapore's CBD will continue to do well.

Persons: Han Khim Siew, OUE REIT Locations: Singapore, Singapore's

☆ Germany leaps to the defense of Israel at the International Court of Justice, rejects South Africa's accusation of Gaza genocide
▼ + stars: | 2024-01-13 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +4 min

The German government rejected South Africa's genocide allegations against Israel at the ICJ. Germany is set to intervene on Israel's behalf at the international court. "The German government decisively and expressly rejects the accusation of genocide brought against Israel before the International Court of Justice," Hebestreit said. Germany will be allowed to present its own case disputing South Africa's allegation of genocide against Israel, according to reports. The Israeli defense called South Africa's accusations of genocide "baseless, arguing that the stated aim of Israel was the destruction of the Hamas terrorist organization and liberating the hostages that remained imprisoned in Gaza.

Persons: Israel, Israel's, Netanyahu, Olaf Scholz, —, Steffen Hebestreit, Adolf Hitler's Nazi, Hebestreit, Benjamin Netanyahu, Scholz, Adila, Al Jazeera Organizations: ICJ, Service, Hague, International Court of Justice, Federal Government, Genocide, Israel, Getty, Israel's, Minister's Locations: South, Germany, South Africa, Hague's, Israel, Hamas, Be'eri, Gaza

☆ Higher funding costs forcing Asia's biggest REIT to set a 'much higher' bar for acquisitions: CEO
▼ + stars: | 2023-11-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHigher funding costs forcing Asia's biggest REIT to set a 'much higher' bar for acquisitions: CEOLink REIT's CEO George Hongchoy explains the company's appetite for more M&A amid capital management challenges.

Persons: George Hongchoy Organizations: Asia's

☆ Real estate stocks extend losses as rates soar
▼ + stars: | 2023-09-22 | by ( Sinéad Carew | ) www.reuters.com time to read: +3 min

The S&P 500 real estate index (.SPLRCR) lost 0.7% on Friday after falling 3.5% on Thursday, which was its biggest daily decline since March when the banking sector was in crisis. This provided tempting returns for fixed-income assets, making the relatively high dividend payouts of Real Estate Investment Trusts (REITs) a little less tempting. While the Fed decided not to hike interest rates after its meeting on Wednesday, it indicated that rates could stay at elevated levels for longer than investors had expected. On Friday the biggest real estate loser was American Tower (AMT.N), which finished down 1.8% while the biggest gainer was Extra Space Storage (EXR.N), up 1.2%. Alexandria Real Estate Equities (ARE.N) fell 1.6% on Friday, after losing 8% on Thursday and hitting its lowest level since 2016.

Persons: Carlo Allegri, REITs, Jack Ablin, Gina Szymanksi, It's, Szymanksi, Sinéad Carew, Lance Tupper, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Treasury, Real, Investment, Fed, Cresset, REITs, AEW Capital Management, Alexandria Real, Thomson Locations: New York, U.S, Alexandria

☆ Blackstone's data center gamble
▼ + stars: | 2023-08-28 | by ( Daniel Geiger | Rebecca Ungarino | ) www.businessinsider.com time to read: +12 min

The firm has recently touted its data center investments amid the artificial intelligence boom. Blackstone's push into data centers comes with its own set of challenges and questions. "You might not own apartment buildings in 10 years, but the largest data center company in the world." Meghji said in the company's video that interest from data center users in QTS data centers had doubled "since ChatGPT came out." Gerber said he had recently discussed data center investments with Blackstone representatives and has confidence in the strategy.

Persons: Blackstone, —, Glenn Schorr, Schorr, outflows, Stephen Tuckwood, Tuckwood, Jonathan Gray, Gray, Jeenah, Chad Williams, BREIT, they're, Patrick Davitt, QTS, Nadeem Meghji, Meghji, ChatGPT, Matthew Barakat, Prince William County, redemptions, Selwyn Gerber, Gerber, Matt Malone Organizations: Blackstone, Income Trust, QTS Realty Trust, Evercore, Wealth Management, Reuters, Autonomous Research, Blackstone Infrastructure Partners, McKinsey, AP, Starwood, MSCI's, Los, RVW, Opto Investments, FS Investments Locations: California, BREIT, QTS, Americas, CBRE, Manassas , Virginia, Prince William, Virginia, Brookfield, Los Angeles, Bellagio, Las Vegas

☆ Link REIT's portfolio has been 'quite resilient' despite a challenging year, says CEO
▼ + stars: | 2023-06-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLink REIT's portfolio has been 'quite resilient' despite a challenging year, says CEOGeorge Kwok Lung Hongchoy of real estate company Link REIT says interest rate rises have been a challenge for property investment companies and "inflation will persist for a little big longer."

Persons: George Kwok Lung, REIT

☆ Blackstone is in talks to help regional banks with lending
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +4 min

NEW YORK, April 20 (Reuters) - Blackstone Inc (BX.N), the biggest manager of private equity and real estate assets, said on Thursday it was discussing partnerships with U.S. regional banks to help them with constraints in areas such as car loans and home improvement financing. "As regional banks experienced outflows of deposits, we are seeing real-time opportunities to partner with them at scale," Blackstone President Jonathan Gray said on the firm's first-quarter earnings call. "The regional banks generally play a very large role in home improvement loans, auto loans and equipment finance. He did not identify the banks Blackstone is speaking to. The firm has shifted its focus in real estate to resilient sectors such as logistics and rental housing.

Blackstone has been exercising its right to block investor withdrawals from BREIT since November last year after requests exceeded a preset 5% of the net asset value of the fund. BREIT fulfilled withdrawal requests of $666 million in March, representing only 15% of the $4.5 billion in total redemption requests for the month, the firm said in a letter to investors. Total redemption requests for March were 15% higher than the approximately $3.9 billion demanded by investors in February but 16% lower than the $5.3 billion Blackstone received in January. The level of withdrawal requests is expected to normalize over time as Blackstone works through its backlog, Blackstone President Jonathan Gray said during an analyst earnings call in January. Blackstone shares were down 3.7% to $84.6 per share, in line with the broader market, which was also trading lower.

☆ Barclays says shares of this mall operator could rebound 20% because of its high income customers
▼ + stars: | 2023-03-23 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

It's time to buy shares of mall operator Regency Centers , according to Barclays. Grocery-anchored shopping center fundamentals, especially in high income areas (where REG focuses), remain attractive," Powell said to clients in a Thursday note. Regency Centers stock is down more than 9% this year, compared to a 3% decline in the S & P 500. Regardless, the analyst's $70 price target means shares can advance another 24% from Wednesday's closing price of $56.31. REG 1D mountain Regency Centers shares 1-day Given concerns of a slowing macro environment, the analyst said Regency Centers will be relatively insulated given its strong tenant demand, and its position in areas with high-income customers with high rent growth.

☆ Wall Street's starting to sweat about commercial real estate, but this REIT's worth watching
▼ + stars: | 2023-03-10 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWall Street's starting to sweat about commercial real estate, but this REIT's worth watchingMad Money host Jim Cramer talks to Sumit Roy, president and CEO of Realty Income, about his REIT, which owns more than 12,200 commercial properties.

☆ UK's Home REIT says two tenant firms enter voluntary liquidation
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

March 6 (Reuters) - UK housing provider Home REIT Plc (HOMEH.L) said on Monday two of its tenants have entered into creditors' voluntary liquidation, adding to worries for the firm as tries to fend off a short-seller attack and reviews a sale. The housing provider for the homeless said Gen Liv UK CIC and Lotus Sanctuary CIC have entered into voluntary liquidation and the company was in talks with prospective tenants to take on new leases for the two portfolios. It said Lotus Sanctuary CIC accounted for 12.5% of its annual rent roll while Gen Liv UK CIC accounted for 5.7%Lotus Sanctuary and Gen Liv did not immediately respond to Reuters requests for comment. The company has missed a deadline to publish its annual results and trading in the firm's shares has been suspended since Jan. 3. Reporting by Aby Jose Koilparambil in Bengaluru; editing by Rashmi Aich and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Investors see Hong Kong property stocks, funds as reopening trades
▼ + stars: | 2023-02-13 | by ( Georgina Lee | ) www.reuters.com time to read: +4 min

Investors see value in property companies regardless of whether their assets are in mainland China or Hong Kong, which reopened at about the same time. Rises in Hong Kong mortgage rates that began last year have compounded troubles for developers and mortgagees. Hong Kong interest rates tailgate those of the U.S. due to the local currency's peg to the dollar. "Hong Kong has a lot more to get us excited than China property companies where their financial data remains weak," said Tim Gibson, co-head of Global Property Equities at Janus Henderson Investors. "We remain positive on Hong Kong and many of its listed real asset companies, across infrastructure, utilities and property," said Fitzgerald.

☆ Rise in Canadian shareholder activism faces test next month with new rules in place
▼ + stars: | 2023-02-12 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

The country has lagged the rising trend of activism seen globally, but that could be about to change, lawyers say. Some 53 Canadian companies faced activism campaigns in 2022, a 17.8% rise over the previous year, compared with a 10.6% rise in the U.S to 511, showed data from Insightia, a Diligent brand. Previously, shareholders could only vote 'for' a candidate or 'withhold' their vote, meaning a majority was not legally a necessity. While not enshrined in law, majority voting was often adopted by companies in their policy, prior to the change. And oil and mining companies could continue to be the sector that faces activism, say market participants.

☆ Blackstone REIT blocks investor withdrawals in January
▼ + stars: | 2023-02-01 | by ( Chibuike Oguh | ) www.reuters.com time to read: +2 min

The fulfilled withdrawal requests also represents 2% of the net asset value of fund, the firm said. Blackstone began exercising its right to block investor withdrawals from BREIT from November last year after it received a deluge of requests that exceeded a preset 5% of the net asset value of the fund. Shares of Blackstone were down 2.4% to $93.59 in early afternoon trading on Wednesday. Last month, Blackstone announced that the University of California would invest $4 billion in BREIT shares after the firm committed $1 billion to backstop the university's returns in the fund. The university later increased its investment by another $500 million, bringing the total value of its BREIT shares to $4.5 billion.

☆ Blackstone is stepping up evictions of hundreds of tenants across the US as a top exec vows 'cash-flow growth'
▼ + stars: | 2023-02-01 | by ( Robert Davis | ) www.businessinsider.com time to read: +5 min

It's back to business as usual: An exec said he had confidence in the firm's "cash-flow growth." About one-fifth of those holdings are tied up in an investment vehicle known as the Blackstone Real Estate Investment Trust, or BREIT. Blackstone's real-estate portfolio is outperforming competitorsThe news of Blackstone's increasing eviction efforts came days after the company announced its fourth-quarter earnings. For example, what Blackstone calls its "opportunistic" real-estate portfolio appreciated by more than 7% during 2022 in one of the most challenging markets in recent memory. The firm's core real-estate portfolio gained more than 10% in value during 2022.

☆ 2023 is 'a generational buying opportunity' for real estate investing, says the CEO of a private equity firm. He shares which sectors offer the best returns and the REITs to buy.
▼ + stars: | 2023-01-10 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

For real estate, he recommends investing in REITs that are managed by major financial firms. The real estate market last year took a massive hit as interest rates increased at an unprecedented velocity due to the Federal Reserve's aggressive tightening. Ari Rastegar, the founder and CEO of Rastegar Property Company, says just looking at macroeconomic trends won't give investors the full picture. Real estate investment trusts, which are entities that own and operate income-producing properties, are on clearance, he said. He recommends looking at the Blackstone Real Estate Income Trust (BREIT) and the Starwood Real Estate Income Trust (SREIT).

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