Blackstone Real Estate Partners X Takes AIR Communities Private in ~$10 Billion Deal

Affiliates of Blackstone Real Estate Acquire Bluerock Residential Growth REIT

October 6, 2022

Real Estate

Affiliates of Blackstone Real Estate (Blackstone) completed an all-cash acquisition of Bluerock Residential Growth REIT, Inc. for $24.25 per share, valuing the transaction at approximately $3.6 billion. The deal included a spin-off of Bluerock's single-family rental business into a newly listed REIT, Bluerock Homes Trust (BHM).

Blackstone Funds Complete $12.8 Billion Acquisition of American Campus Communities

August 9, 2022

Real Estate

Blackstone’s Core+ perpetual capital vehicles — primarily Blackstone Real Estate Income Trust (BREIT) and Blackstone Property Partners (BPP) — have completed the acquisition of all outstanding common shares of American Campus Communities (ACC) for approximately $12.8 billion, including assumption of debt. The acquisition gives Blackstone significant exposure to the U.S. student housing sector and will allow ACC to invest in existing assets and develop new student housing in university markets.

Blackstone Real Estate Partners Takes Tricon Residential Private at $11.25 Per Share

April 5, 2024

Real Estate

Tricon Residential Inc. said the Ontario Superior Court of Justice granted final approval for its previously announced statutory plan of arrangement to be taken private by Blackstone Real Estate Partners X and Blackstone Real Estate Income Trust, Inc. for US$11.25 per common share in cash. The transaction is expected to close in the second quarter of this year, subject to customary closing conditions including Investment Canada Act regulatory approval.

Blackstone to Acquire QTS Realty Trust in ~$10 Billion All-Cash Transaction

June 7, 2021

Infrastructure

QTS Realty Trust and Blackstone announced they entered into a definitive agreement under which Blackstone Infrastructure Partners, Blackstone Real Estate Income Trust, Inc., and other perpetual capital vehicles managed by Blackstone will acquire all outstanding shares of QTS for $78.00 per share in an all-cash transaction valued at approximately $10 billion, including assumed debt. The transaction is expected to close in the second half of 2021, subject to stockholder approval and customary closing conditions.

Affiliates of Blackstone Real Estate Complete Acquisition of PS Business Parks, Inc.

July 20, 2022

Real Estate

Affiliates of Blackstone Real Estate completed the previously announced acquisition of all outstanding shares of PS Business Parks, Inc. in an all-cash transaction valued at approximately $7.6 billion (including transaction expenses). PS Business Parks will be acquired for $187.50 per share, and the deal was supported by stockholder approval and customary closing conditions.

Blackstone Acquires Madison Dearborn's Remaining Stake in AIR Control Concepts

January 9, 2026

HVAC & Mechanical

Blackstone has acquired Madison Dearborn Partners' remaining equity stake in AIR Control Concepts, making Blackstone the sole institutional investor after an initial investment in July 2024. AIR founder and CEO Brad Hobbs and his family are reinvesting alongside Blackstone as the company pursues continued expansion—including opportunities in data centers and adjacent service areas—across 35 U.S. states and Canada with more than 38 operating companies and roughly 1,900 associates.