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The Blackstone Group L.P.

5/24/2013, 7:19 PM ET

Quote & Headlines Market Currents StockTalk

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| Earnings
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| On the move

Friday, May 24, 3:39 PM Private-equity is taking profits, with this week's 7 offerings pushing the year's total to 86, more than double the amount this time last year, according to Dealogic. The dollar amount of $34B is a triple. In addition to Oaktree (OAK) and Apollo (APO) insiders cashing in some chips this month, Bain sold chunks of Bloomin Brands and Sensata (ST), Carlyle (CG) unloaded part of Wesco Aircraft, and teamed with Blackstone (BX) to sell $1.3B of Nielsen Holdings (NLSN). Comment! [Financials]
Wednesday, May 22, 9:51 AM Leon Black's strategy of "selling everything not nailed down" while at the same time raising new investment funds seems to be working as Apollo Global (APO) is the best-performing (on a Y/Y basis) of the alternative-asset stocks. "Apollo has aggressively entered harvesting mode and you're seeing shareholders reap the benefits," says CS's Howard Chen, who has a Buy rating. Also in the top 5 were FIG, BX, and KKR, while CG and BAM scraped the bottom. In between are relative newcomers OAK and OZM. Comment! [Financials]
Monday, May 20, 6:55 PM Rockwood Holdings' (ROC) pigments businesses have attracted offers from buyout firms including Blackstone (BX) and Advent International, Reuters reports. ROC is packaging its Sachtleben titanium dioxide unit with its color additives units and is hoping to sell or spin off the businesses by the end of the year for as much as $2B. 1 Comment [Commodities, M&A]
Monday, May 20, 10:16 AM First Potomac Realty Trust (FPO) continues a repositioning to focus on D.C.-area office properties, agreeing to sell 23 industrial properties to Blackstone (BX) for $241.5M. In a separate deal, FPO sells a Haymarket, VA industrial property to Corporate Office Properties Trust (OFC) for $17.5M. (PR) Comment! [Financials]
Monday, May 20, 7:41 AM Blackstone's (BX) a buyer of single-family property, but plans a wave of other real estate sales, and its Brixmor Property Group could be among the first. Blackstone is considering an IPO of the unit - the 2nd largest owner of U.S. community and neighborhood shopping centers - reports Bloomberg. The biggest clue is the hiring of Mike Pappagallo from Kimco as President and CFO, a job he starts today. Comment! [Financials]
Friday, May 17, 2:40 PM Blackstone (BX) launches a curious new fund - a high-risk hedge fund whose positions will consist of the riskiest trades from 3rd-party hedge funds the P-E firm invests with. Managers can sell their ideas to the the new fund in exchange for a fee. If secrecy is a prime asset of hedge funds, one imagines managers will not be so quick to part with ideas. It should be interesting to watch. 2 Comments [Financials]
Friday, May 17, 1:08 PM Goldman Sachs (GS) launches the Goldman Sachs Multi-Manager Alternatives Fund offering alternative and non-traditional investment strategies to investments as little as $1K. P-E firms from CG to KKR to BX have noted much of their future growth will not from the institutional side, but from individuals in search of yield. Comment! [Financials]
Wednesday, May 15, 5:19 PM DDR Corp. agrees to buy Blackstone's (BX) 95% stake in a group of U.S. shopping centers for $1.46B. DDR notes the average base rent of $13.81/square foot allows upside as it's 5% below the company's prime portfolio. Shares -2.6% AH as the company launches a 32M share secondary to help pay for the deal (should raise more than $600M). Comment! [Financials, On the Move]
Thursday, May 9, 9:29 AM It's oft-assumed the exit strategy for Wall Street firms getting into the single-family rental business (BX, SBY, CLNY) is to form a REIT and sell to the public. Another possibility would have the shops sell the properties while providing financing to those who might not qualify for a conventional mortgage. Further, the loans could then be packaged and sold - the next wave of MBS. 1 Comment [Financials]
Tuesday, May 7, 9:05 AM Blackstone (BX) is unloading its 23.4M share stake (2.5% of the company) in General Growth Properties (GGP) in a secondary offering. Blackstone was part of the group which helped GGP emerge from bankruptcy in 2010, and in January sold warrants - which would have allowed it to buy more shares - back to the company. GGP -1.7% premarket. (PR) Comment! [Financials, Breaking News, On the Move]
Friday, May 3, 11:43 AM Blackstone (BX +4.3%) parties as the company holds its investor day - (webcast) (presentation) - with global real estate chief Jonathan Grey saying he expects to close a $4B Asia real estate fund (BX's first) this quarter. Performance fees, says CFO Larry Tosi, are set to hit pre-financial crisis levels - when the stock was a whole lot higher. 5 Comments [Financials, On the Move]
Friday, May 3, 10:12 AM Another public player in the hot single-family rental sector is on the way as Colony American Homes (managed by Colony Capital CLNY) files for an IPO. Like Blackstone (BX) and like Silver Bay (SBY), Colony buys up swaths of troubled properties through auctions and short sales, fixes them up, and turns them into rentals. (S-11) 1 Comment [Financials]
Thursday, April 25, 1:00 PM Investors seem pleased with KKR's new payout plan - which doesn't necessarily increase the dividend, but does make it more frequent and predictable - sending the shares 5% higher. KKR is trading meaningfully below its peers (CG, BX), says Sandler O'Neill's Michael Kim, expecting distributions to reach $1.24 this year, implying more than a 6% yield. Comment! [Financials, On the Move]
Tuesday, April 23, 7:37 AM Credit Suisse (CS) pulls back further from alternative investments amid the Volcker Rule, selling Strategic Partners - its P-E unit with $9B in AUM - to Blackstone (BX) for an undisclosed price. Comment! [Financials]
Thursday, April 18, 10:13 PM Blackstone (BX) is out of the dealings for DELL, WSJ reports, killing a deal that would have kept the computer maker partly public. That removes one competitor for the offer from Silver Lake and Michael Dell; meanwhile, there's still Carl Icahn. (previously) Comment! [Tech, M&A, Top Stories]
Thursday, April 18, 7:52 PM In blunt testimony to investors' appetite for playing the rebound in consumer spending, SeaWorld Entertainment prices it's IPO at $27, the high end of its range. The company and its private-equity owner, Blackstone Group (BX), are selling 26M shares, not including additional stock allotted to its underwriters, valuing the offering at $702M. The shares will be listed on the NYSE under the symbol "SEAS." Comment! [Consumer]

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