Tags: Blackstone | real | estate | market

Blackstone Still Bullish on Real Estate

By    |   Friday, 14 February 2014 09:14 AM

The Blackstone Group, which has a major presence in many areas of the real estate market, still has a positive view of the sector.

"The U.S. is continuing with steady improvement. It's not a rocket-ship, but we're seeing good signs," Jonathan Gray, Blackstone's global head of real estate, said at an investment conference, CNBC reports. The firm has $80 billion of real estate equity assets.

The market isn't overvalued, but few bargains are available, Gray said. "I don't think we're in any sort of bubble like '05, '07, but we're in the middle of a recovery."

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The U.S. economic recovery is boosting housing, hotel, warehouse and shopping center properties, Gray said. Office space is progressing, but at a slower pace.

Blackstone will probably invest more overseas than at home, Gray said. "The U.S. has gotten more challenging for us. It's still a good investment environment, but not a great investment environment."

As for emerging markets, Gray said recent market declines there have created an "attractive investment" opportunity.

"Things have slowed, but the bottom hasn't dropped off," Gray said. He cited profitable sales of malls in China and Turkey and technology office parks in India.

Meanwhile, a survey by Morgan Stanley of investors with at least $1 million in assets, found that 77 percent of them own real estate, Bloomberg reports.

"After a year where the Standard & Poor's 500 Index rose 30 percent, some millionaires are moving money out of traditional, long-only strategies to find outperformance, and turning toward alternatives such as real estate and private equity," Gary Kaminsky, vice chairman of Morgan Stanley Wealth Management, said, according to Bloomberg.

Editor’s Note: These 38 Dates Are Key to Bagging $313,038

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The Blackstone Group, which has a major presence in many areas of the real estate market, still has a positive view of the sector.
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2014-14-14
Friday, 14 February 2014 09:14 AM
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