Blackstone recently acquired Toronto-based Tricon Residential in a $3.5B deal that saw the giant asset manager buy up all outstanding common shares of Tricon in order to take it private. Despite a 50% decrease in real estate revenue in 2023, Blackstone's overall real estate asset value increased.
Blackstone recently acquired Toronto-based Tricon Residential in a $3.5B deal that saw the giant asset manager buy up all outstanding common shares of Tricon in order to take it private. Blackstone , the world's largest alternative asset manager , saw its real estate revenues tumble in 2023 amidst one of the most challenging years for the industry at large. The company's real estate revenue fell a staggering 50% from $6.8B in 2022 to $3.
4B in 2023, according to Blackstone's recent financial disclosure statements. This loss comes despite a bump in Blackstone's overall real estate asset value, which rose from $326B at the end of 2022 to $337B at the end of 2023. Notably, the company's 2023 real estate revenue is still well above the levels seen in 2019 ($2.6B) and 2020 ($2.8B), before it skyrocketed in 2021 to a much higher $5.1B. High interest rates and even higher office vacancies have plagued commercial developers and investors alike over the past year, with many facing dire financial situations as a result
Blackstone Tricon Residential Acquisition Real Estate Revenue Asset Manager
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