According to Bloomberg, equity fund Blackstone could soon sell some of its biggest assets including Hilton Worldwide and Equity Office Properties. The group’s returns on its first four funds has reportedly dropped significantly as its property portfolio has grown.
The group’s real estate division, Blackstone Real Estate is reportedly considering the sale of Hilton Worldwide and Equity Office Properties. The group is reportedly struggling to ensure satisfactory returns on its seventh fund - worth $13.3billion, the largest ever compiled by a real estate investor - and is facing the challenge of finding buyers for its 40 or so previous investments.According to financial experts, the firm’s annualised return on its first four funds fell from 39.7% to 14% as the group grew from $467 million to $2.7 billion. Blackstone is thus thought to be considering the sale of some of its biggest holding including Equity Office Properties Trust and Hilton Worldwide Inc, purchases in made in 2007. Blackstone has already informed that an Initial Public Offering is to be considered for Hilton Worldwide in the next two years.Real estate is now thought to account for 63 percent of Blackstone’s income, while private equity, the firm’s traditional business of buying and selling companies, makes up 15 percent.
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