Remember when we said Blackstone could benefit the most from Covid-19?

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.

#Blackstone #Covid19 #Starwood #ExtendedStayAmerica #Logistics

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