US asset management giant Blackstone recorded 17% annual growth in real estate assets under management to $326.1 bn (€300 bn) in 2022.
Real estate inflows amounted to $90.2 bn (€83.0 bn), of which $34.0 bn (€31.2 bn) in opportunistic funds, $41.6 bn (€38.2 bn) in core+ funds and $14.5 bn (€13.3 bn) in Blackstone Real Estate Debt Strategies (BREDS).
Q4 inflows included $2.3 bn (€2.1 bn) in the tenth global opportunistic fund (taking the total to $28.6 bn), $2.0 bn (€1.8 bn) of capital raised in BREIT, $1.4 bn (€1.3 bn) for the first close in the fifth real estate debt strategies fund, and $5.8 bn (€5.3 bn) in BREDS insurance SMAs.
Total capital invested hit a new high of $47.9 bn (€44.0 bn), of which Opportunistic funds received $10.6 bn (€9.7 bn), Core+ funds $34.2 bn (€31.4 bn) and BREDS received $3 bn (€2.7 bn).
Realisations also set a new record at $37.1 bn (€34.1 bn), of which $22.3 bn (€20.5 bn) for Opportunistic funds, $11.4 bn (€10.5 bn) for Core+ funds and $3.2 bn (€2.9 bn) in BREDS.
The company’s opportunistic funds and core+ funds appreciated 7.1% and 10.3%, respectively, compared to 7.2% and 12% the year prior.
The declines were the result of cap rate expansion as financing got more expensive, according to COO Jonathan Gray.
On 25 January, the University of California announced it would invest an additional $500 mln (€459.8 bn) in BREIT from 1 March.
