Blackstone, the world’s largest landlord, with $136 billion of real estate assets under management, has announced that it will convert from a publicly traded partnership to a corporation in July.
The NYSE-listed alternative investment giant headed by Stephen Schwarzman has a total of $512 billion in global assets under management. Blackstone has been a publicly traded partnership since its 2007 IPO.
“We believe the decision to convert will make it significantly easier for both domestic and international investors to own our stock and should drive greater value for all of our shareholders over time,” Schwarzman commented in a prepared statement.
As of year-end 2018, Blackstone’s real estate group owns 232 million square feet of office space globally, 72 million square feet of retail assets, 158,000 hotel keys, more than half a billion square feet of logistics properties, and 300,000 residential units and homes.
Ken Caplan and Kathleen McCarthy took over the business as global co-heads of real estate after Jonathan Gray was named president & COO of Blackstone in February of last year. This past January, The Wall Street Journal reported that Blackstone was preparing to close a $20 billion real estate fund, the largest such vehicle ever.