Simpson Thacher is representing Blackstone in connection with an equity transaction involving Edens Investment Trust. A Blackstone-sponsored core real estate investment vehicle (“Blackstone”) acquired the State of Michigan Retirement System’s minority ownership in Edens for $718 million. In addition, institutional investors advised by J.P. Morgan Asset Management (“JPMAM”), New York State Teachers’ Retirement System (“NYSTRS”) and Blackstone provided a $750 million growth-equity commitment to Edens. Each of JPMAM, NYSTRS and Blackstone will have approximately equivalent ownership interests in Edens.
Edens develops, owns and operates community-building centers in primary markets throughout the East Coast. Focusing on innovative development and redevelopment together with key acquisitions in urban areas, the Company has built an institutional-quality portfolio of 111 retail centers.
The Simpson Thacher team includes Brian Stadler, Scott Naturman, John Kupiec, Luis Pellerano and Lowell Battles (M&A); Jonathan Karen, Steve Homan and Jae Chung (Funds); Greg Ressa, Frank Mangiatordi and Ray Kim (Real Estate); Nancy Mehlman and Vanessa Grieve (Tax); and Greg Grogan and Eric Wolf (Executive Compensation and Employee Benefits).