{"id":1004183353,"date":"2017-07-10T04:26:03","date_gmt":"2017-07-10T12:26:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004183353"},"modified":"2022-12-07T00:23:48","modified_gmt":"2022-12-07T08:23:48","slug":"blackstone-to-buy-exhibit-space-provider","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-exhibit-space-provider\/","title":{"rendered":"Blackstone to Acquire Leading Exhibit Space Provider"},"content":{"rendered":"<p>By Barbra Murray, Contributing Editor<\/p>\n<p>Global investment giant Blackstone inks yet another deal that will expand its real estate holdings. Funds managed by Blackstone Real Estate Partners and Blackstone Tactical Opportunities have committed to acquiring International Market Centers Inc., the largest owner and operator of premier showrooms space for the furnishings, home decor and gift industries in the U.S. Blackstone will purchase the company, which boasts a portfolio of 12.2 million square feet of exhibition space in High Point, N.C., and Las Vegas, from Bain Capital Private Equity LP and funds managed by Oaktree Capital Management LP.<\/p>\n<div id=\"attachment_1004183360\" style=\"width: 354px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/World-Market-Center-Las-Vegas-courtesy-of-International-Market-Centers....jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004183360\" data-attachment-id=\"1004183360\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-exhibit-space-provider\/world-market-center-las-vegas-courtesy-of-international-market-centers\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/World-Market-Center-Las-Vegas-courtesy-of-International-Market-Centers....jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"World Market Center, Las Vegas\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;World Market Center, Las Vegas&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/World-Market-Center-Las-Vegas-courtesy-of-International-Market-Centers....jpg?w=800\" class=\"wp-image-1004183360 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/World-Market-Center-Las-Vegas-courtesy-of-International-Market-Centers....jpg\" alt=\"World Market Center, Las Vegas\" width=\"344\" height=\"258\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/World-Market-Center-Las-Vegas-courtesy-of-International-Market-Centers....jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/World-Market-Center-Las-Vegas-courtesy-of-International-Market-Centers....jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/World-Market-Center-Las-Vegas-courtesy-of-International-Market-Centers....jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 344px) 100vw, 344px\" \/><\/a><p id=\"caption-attachment-1004183360\" class=\"wp-caption-text\">World Market Center, Las Vegas<\/p><\/div>\n<p>The parties involved aren&#8217;t disclosing the price, however there are some figures that can put the transaction in perspective. IMC obtained $610 million for the refinancing of its senior secured debt and revolving credit facility in November 2016, and the company does have a billion-dollar history. In 2011, Bain and Oaktree invested $1 billion to combine the High Point and Las Vegas showrooms, totaling 10.6 million square feet at the time, and create the business-to-business platform. Currently, IMC\u2019s collection of properties includes the World Market Center in Las Vegas and Market Square Complex in High Point.\u00a0<\/p>\n<p>Now, Blackstone will help take the company to a new level. <em>\u201cBy leveraging the scale of Blackstone\u2019s platform and expertise in real estate investing, we look forward to partnering with IMC to help drive the company\u2019s continued growth in the years ahead,\u201d<\/em> Tyler Henritze, senior managing director with Blackstone\u2019s real estate group, said in a prepared statement.<\/p>\n<p>Blackstone will be joined by Firestone Investments in the acquisition of IMC. The transaction is on track to close in the third quarter of 2017.<\/p>\n<h2><strong>VARIETY IS THE SPICE OF REAL ESTATE<\/strong><\/h2>\n<p>Blackstone is <a href=\"https:\/\/www.commercialsearch.com\/news\/rebny-special-report-behind-blackstones-investment-strategy\/\">well positioned to capitalize<\/a> on any number of big opportunities, and its highly acquisitive behavior in the real estate sector is nothing if not diverse. The firm\u2019s list of deals over the last few months includes an agreement to purchase a majority interest in The Office Group, a London-based flexible workspace provider, and the closing of the acquisition of OfficeFirst Immobilien AG and its 16 million-square-foot German portfolio.<\/p>\n<p>Blackstone also recently made an equity investment in Brazil\u2019s Ascenty, paving the way for the data center and telecom services provider\u2019s construction of additional data centers in Latin America. The firm enhanced its hospitality holdings with the purchase of the 545-room Windsor Atlantica Hotel on Copacabana Beach in Rio de Janeiro and increased its industrial footprint by 2.8 million square feet when it grabbed H.I.G. Capital\u2019s portfolio in the Netherlands. Earlier in the year, the firm shelled out $1.7 billion for the 21-property U.S. segment of Stockholm-based Alecta\u2019s commercial portfolio. And just last week, Blackstone signed a deal to acquire Singapore-based Croesus Retail Trust, which owns a portfolio of 11 shopping malls in Japan.<\/p>\n<p>Currently, Blackstone\u2019s real estate business, established in 1991, boasts roughly $102 billion in investor capital under management.<\/p>\n<p><em>Image courtesy of\u00a0International Market Centers<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company will be joined by Firestone Investments in the acquisition of International Market Centers. The transaction is on track to close in the third quarter of 2017.<\/p>\n","protected":false},"author":969,"featured_media":1004183360,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,23891,21742,21749],"tags":[32944,33129,36658],"class_list":["post-1004183353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-national","category-latest","category-retail","tag-oaktree-capital-management","tag-the-blackstone-group","tag-tyler-henritze"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blackstone to Acquire Leading Exhibit Space Provider - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-exhibit-space-provider\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone to Acquire Leading Exhibit Space Provider\" \/>\n<meta property=\"og:description\" content=\"The company will be joined by Firestone Investments in the acquisition of International Market Centers. 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