Blackstone $4.7 bln REIT deal houses market oddity

Dream Global Real Estate Investment Trust on Sept. 15 said it had agreed to be bought by funds managed by Blackstone in a deal valued at C$6.2 billion including debt. Shareholders will receive C$16.79 per Dream Global unit, a premium of 18.5% to the closing price on Sept. 13.

The deal will need approval by at least two-thirds of Dream Global unitholders, and a majority of votes cast by unitholders other than related parties and the REIT’s manager, Dream Asset Management. As part of the deal, the manager will receive C$395 million, the majority of which is the incentive fee under an asset-management agreement, which had a calculated value of C$379 million.

On Sept. 11, Blackstone announced it had raised $20.5 billion for its latest global real-estate fund, Blackstone Real Estate Partners IX.

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Why There Are No Brave Old People In FinanceIn an exclusive excerpt from Stephen Schwarzman's new book, 'What It Takes,' the billionaire Blackstone cofounder shares the lessons from an early triumph—and an expensive mid-career mistake. Bravery has nothing to do with Finance or financial aspects... Financial education does They made money and retired; now the business is different? 'Back in 1969, I arrived for my first interview on Wall Street an hour early, because I didn’t want to be late,' writes billionaire Blackstone cofounder Stephen Schwarzman
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