Blackstone’s $15b apartment bet spurs sector-wide rally
The stocks of US apartment landlords staged the biggest rally in nearly four months after Blackstone, the world’s largest commercial real estate owner, stepped up its bet on the industry.
An index tracking the group rose over 4 per cent, the largest one-day jump since mid-December, after Blackstone said it plans to acquire Apartment Income REIT for roughly $US10 billion ($15.2 billion). While the industry’s shares remain well below their early 2022 peak, the gain erased this year’s losses and was seen as bolstering investors’ confidence in the sector.
Bloomberg
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