UC Investments to Invest Additional $500 Million in BREIT Common Shares
January 25 2023 - 5:45PM
Business Wire
The Office of the Chief Investment Officer of the Regents of the
University of California (“UC Investments”) and Blackstone (NYSE:
BX) today announced an expansion of their long-term strategic
venture. UC Investments will acquire an additional $500 million in
Blackstone Real Estate Income Trust, Inc. (“BREIT”) Class I common
shares with fees and terms consistent with existing BREIT
shareholders. This follows the $4 billion investment by UC
Investments into BREIT announced on January 3, 2023, bringing its
total investment in BREIT to $4.5 billion.
This new investment, which is expected to close March 1, 2023 at
BREIT’s public offering price on that date, will have the same
structure, terms, and fees as UC Investments’ initial $4 billion
investment, including an effective 6-year minimum hold period, and
Blackstone will contribute an incremental $125 million of its
current BREIT holdings into the strategic venture.
Simpson Thacher & Bartlett LLP is acting as BREIT’s legal
counsel and Goodwin Procter LLP is acting as UC Investments’ legal
counsel.
About Blackstone
Blackstone is the world’s largest alternative asset manager. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our $951 billion in
assets under management include investment vehicles focused on
private equity, real estate, public debt and equity,
infrastructure, life sciences, growth equity, opportunistic,
non-investment grade credit, real assets and secondary funds, all
on a global basis. Further information is available at
www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and
Instagram.
Forward-Looking Statements
This press release includes “forward-looking” statements and
“safe harbor statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 that involve risks and/or
uncertainties, including those described in Blackstone’s and
BREIT’s public filings with the Securities and Exchange Commission
(the “SEC”). Blackstone and BREIT have based forward-looking
statements on current expectations and assumptions and not on
historical facts. Examples of these statements include, but are not
limited to, any benefits expected to be achieved as a result of the
transaction and statements regarding future performance. These
forward-looking statements involve a number of risks and
uncertainties. Among the important factors that could cause actual
results to differ materially from those indicated in such
forward-looking statements include the risks and other factors
described in Blackstone and BREIT’s annual reports for the most
recent fiscal year and any such updated factors included in their
periodic filings with the SEC, as well as those described under the
section entitled “Risk Factors” in BREIT’s prospectus, each of
which are accessible on the SEC’s website at www.sec.gov. In
providing forward-looking statements, neither Blackstone nor BREIT
is undertaking any duty or obligation to update these statements
publicly as a result of new information, future events or
otherwise, except as required by law. If Blackstone or BREIT
updates one or more forward-looking statements, no inference should
be drawn that it will make additional updates with respect to those
other forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230125005857/en/
Jeffrey Kauth Jeffrey.Kauth@Blackstone.com (212) 583-5395
Blackstone (NYSE:BX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Blackstone (NYSE:BX)
Historical Stock Chart
From Sep 2023 to Sep 2024