While Blackstone reported Q1 losses, the private-equity giant's real estate holdings held up quite well.
4 of the firm's 5 largest deals are in the logistics-sector which performed extremely well.
While their hotel & retail holdings saw 'meaningful markdowns', these sectors only make up roughly 15% of Blackstone's holdings.
They expect fundraising to slow but for CRE to remain intact.
Blackstone announced last week they are looking to raise a $7B fund that aims to provide capital to performing companies hurt by the Covid-19 shutdown.
Meanwhile, according to the Wall Street Journal, Blackstone purchased a 4.9% stake in Extended Stay America at an average share price of $6.50. Private-Equity rival Starwood also purchased an 8.5% stake at an average price of $9.05/share.