Blackstone announced its real estate division’s purchase of the Bluerock Residential Growth REIT in an all-cash transaction totaling $3.6 billion.
The deal was originally announced last December, and the price was $24.25 per share.
Bluerock also completed a spin-off of its single-family rental business into an externally managed REIT, Bluerock Homes Trust. The REIT commenced trading on Oct. 6.
With $320 billion of assets, Blackstone’s real estate business makes the firm the largest owner of commercial real estate globally, owning and operating assets across every major geography and sectors, including logistics, residential, office, hospitality and retail. The Blackstone Real Estate Income Trust (BREIT) is a U.S. non-listed REIT that is managed alongside the firm’s opportunistic funds that buy undermanaged, well-located assets around the world.