Blackstone, Starwood Split on Commercial-Property Market Risks [BNN Bloomberg (Canada)]
Blackstone Inc. (BX)
Last blackstone inc. earnings: 4/23 06:56 am
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Source: BNN Bloomberg
For Blackstone Inc., with about $600 billion in property globally, the market is finding a floor. A peak in interest rates and a slowdown in the supply of new construction are indicators that real estate in the US is bottoming, according to Kathleen McCarthy, global co-head of real estate at Blackstone. “There's bad news coming, but it's the aftermath of the shipwreck that's already happened,” McCarthy said at the Milken Institute Global Conference in Beverly Hills. Starwood Capital Group, with $115 billion under management, sees more pain ahead, with banks at risk of failing because higher interest rates have left the loans in their portfolios underwater. “There's a huge distressed cycle ahead of us,” Starwood Chairman Barry Sternlicht said at the conference. Real estate transactions have declined globally for seven consecutive quarters, falling to $130 billion in the first three months of 2024, the lowest level since 2011-12 in the aftermath of the global financial crisis,
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