The Firm recently represented Blackstone Real Estate Income Trust, Inc. (“BREIT”), a public non-traded real estate investment trust, in connection with its public offering of 27,859,345 shares of common stock, at a public offering price of $10 per share. As of January 1, 2017, BREIT broke escrow with net proceeds of approximately $279 million and will continue to offer shares of common stock on an ongoing basis up to a maximum offering of $5 billion.
BREIT intends to use the proceeds from the offering to invest in stabilized income-generating U.S. commercial real estate across the key property types, including office, healthcare, industrial, multifamily, retail and hotel, and for general corporate purposes. BREIT is externally managed by BX REIT Advisors L.L.C., a subsidiary of The Blackstone Group L.P.
The Simpson Thacher team included Andy Keller, Benjamin Wells, Alejandro De Ramon-Laca, Eva Kang, Clark Warthen, Jeff Levine and Matthew Kemp (Capital Markets); Dov Gottlieb and Brenda Hwang (PCAP); Nancy Mehlman and George Davis (Tax); Michael Wolitzer, Parker Kelsey, Lisa Klar and Audra Cohen (Funds); Rony Rothken (CFTC); and Brian Robbins and Jeanne Annarumma (Executive Compensation and Employee Benefits).