Bloomberg has reported that the Wall Street firm Blackstone is buying up to 100% of the company’s assets, as part of its $1bn acquisition of a significant chunk of the property industry.
Blackstone is acquiring more than 4,000 properties, with a valuation of about $8.8bn, including luxury homes, office buildings, retail buildings, hotels and golf courses.
Blackstone says it has no intention of selling the assets, but that will happen as part, and ultimately, of the deal.
It’s the largest single acquisition of real property in the US in history, according to data compiled by Blackstone.
Blacksmith’s acquisition will also include more than 400 properties that Blackstone has acquired or planned to acquire, according the report.
The Wall Street Journal reported that Blacksmith is also in talks with investors in some of its existing properties, including the iconic Four Seasons Hotel and the New York Times building.
The Times is also set to be acquired by the firm in a transaction that will see the newspaper become a Blackstone holding company.
Blacksmith’s deal also includes the building at 555 Fifth Avenue that will be built on the site of the Times building, the Journal reported.