International Market Centers (IMC), a company that owns and runs showroom space, is being acquired by funds managed by Blackstone Real Estate Partners and Blackstone Tactical Opportunities.
The seller is Bain Capital Private Equity along with funds managed by Oaktree Capital Management, Blackstone said, adding that Fireside Investments is also expected to enter the deal as a Blackstone partner.
IMC is “the world’s largest owner and operator of premier showroom space for the furnishings, home decor and gift industries” and has 12.2m sqft of exhibition space in High Point, North Carolina, and Las Vegas, Nevada, Blackstone said.
Tyler Henritze, a senior managing director in Blackstone’s Real Estate group, said: “By leveraging the scale of Blackstone’s platform and expertise in real estate investing, we look forward to partnering with IMC to help drive the company’s continued growth in the years ahead.”
The deal is expected to close in the third quarter of this year.