Blackstone IncNYSE: BX
Financials · Asset Management & Custody Banks
$127.78
+7.77%
Vol: 615K
Research Digest
Monday, June 15, 2026
Blackstone is in renewed talks to acquire Canada's H&R REIT, a diversified property portfolio valued around C$10.5 billion, lifting the target's shares.
Bloomberg reported June 11, 2026 that Blackstone is in preliminary, non-exclusive talks to acquire Canadian landlord H&R Real Estate Investment Trust, which owns more than 20 million square feet of North American real estate. H&R confirmed June 12 it held discussions regarding the sale of 'certain assets,' though it stressed no agreement has been reached and a deal is not assured. The takeover process began last year and previously included TPG and Crestpoint, with H&R's portfolio valued at roughly C$10.5 billion. H&R REIT shares jumped 8-9% on the news. The signal matters because it underscores Blackstone's continued aggressive real estate deployment despite lingering investor concern over redemption pressure at its private credit and BREIT vehicles. The risk is the talks may not lead to a transaction.
Previous Market Intelligence
13 daysJun 14Blackstone is in early-stage talks to acquire Canada's H&R REIT, signaling continued large-scale real estate deal-making by the world's largest alternative asset manager.Positive▶
Bloomberg reported on June 11, 2026 that Blackstone is in preliminary discussions to acquire H&R Real Estate Investment Trust, a Canadian owner of apartment buildings and other properties that managed roughly C$8.1 billion (about US$5.8 billion) of assets as of March 31. The talks are early-stage and may not result in a deal. Separately, Blackstone's Credit & Insurance business was named alongside Apollo as an initial anchor investor in Broadcom's new AI XPV Platform, part of a reported ~$35 billion AI financing effort. These moves underscore Blackstone's push to deploy capital across real estate and AI infrastructure. The main risk is execution and regulatory scrutiny, as the H&R discussions remain unconfirmed and could fall through.
May 21Blackstone agreed to form a $5 billion AI cloud joint venture with Google, becoming the majority owner of the new in-house chip-based cloud business.Positive▶
On May 19, 2026, Alphabet's Google agreed to create an AI cloud business with Blackstone, with the project relying on an initial $5 billion in equity capital from Blackstone, which will be the majority owner. Blackstone Digital Infrastructure Trust (BXDC) priced its IPO of 87.5 million shares at $20.00 on May 13. Blackstone walked away from a proposed $4 billion deal with New World Development after the property developer refused to cede control. The firm is preparing the third iteration of its long-term private equity fund. Blackstone Real Estate Debt Strategies completed more than $4 billion in industrial-portfolio refinancings via Link Logistics. Shares trade near $115 with a Buy consensus rating.
May 20Blackstone Digital Infrastructure Trust (BXDC) IPO priced at $20 raising up to $2B, complementing a $5B Google TPU cloud JV announced earlier.Positive▶
Blackstone Digital Infrastructure Trust priced its IPO at $20 per share on May 13, 2026, with up to 87.5 million shares totaling roughly $2B, and shares began trading on the NYSE on May 14 under ticker BXDC. The launch deepens Blackstone's AI/digital-infrastructure exposure alongside its joint venture with Google to deliver TPU compute-as-a-service, where Blackstone committed an initial $5B in equity to bring 500MW of capacity online in 2027. The firm also launched a homebuilder lending platform via Blackstone Real Estate Debt Strategies. Blackstone remains the largest alternative asset manager with $1.304T in AUM as of March 2026 and shares are up roughly 8.5% over the past month. Risk: large new capital commitments increase execution and cyclical exposure; pace of capital deployment vs. fundraising will be watched.
May 19Google partners with Blackstone on AI cloud venture with $5B equity, TD Cowen trims PT to $133Mixed▶
Google agreed to create an AI cloud business with Blackstone in a deal reported May 19, with Blackstone supplying an initial $5B in equity and becoming the majority owner, a major strategic move into AI infrastructure. Blackstone Digital Infrastructure Trust (BXDC) priced its IPO on May 13 at $20/share, raising up to $2B and beginning NYSE trading May 14. Blackstone walked away from a $4B New World Development deal over control terms and is laying groundwork for a third long-term private equity fund. TD Cowen lowered its price target to $133 from $140 on May 16, while consensus among 17 analysts remains Buy; stock is down 22.9% YTD at $117.89. Risk: BX is down sharply YTD on rate-sensitivity and fundraising concerns, and the AI cloud build-out requires sustained capital deployment in a competitive hyperscaler market.
May 18No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 15Blackstone Digital Infrastructure Trust IPO raises $1.75B as firm walks from $4B New World deal and launches homebuilder lending platformMixed▶
Blackstone Digital Infrastructure Trust priced and began trading on NYSE under "BXDC" on May 13-14, 2026, raising $1.75B in an IPO targeting AI data center demand. The same week, Blackstone walked away from a $4B tie-up with New World Development after a yearlong negotiation collapsed over control terms. On May 11 the firm launched a Real Estate Debt Strategies homebuilder lending platform aiming to finance more than 50,000 US homes annually. Blackstone also laid groundwork for a third long-term private equity fund targeting 8-10 deals at $800M-$1B per check. The stock trades near $122.76, down 22.7% YTD but consensus rating remains Buy. Risk: real estate exposure and continued underperformance vs broader market.
May 14Blackstone Digital Infrastructure Trust prices $1.75B IPO (trades May 14 as BXDC) while walking away from $4B New World Development deal over control dispute.Mixed▶
On May 13, 2026, Blackstone Digital Infrastructure Trust raised $1.75 billion in its US IPO with shares set to begin trading May 14 on the NYSE under ticker BXDC, capitalizing on strong investor appetite for AI infrastructure exposure. The same day, Blackstone walked away from a proposed $4 billion tie-up with New World Development Co. after a yearlong negotiation collapsed over the property developer refusing to cede control. Separately on May 12, Blackstone laid groundwork for a third long-term private equity buyout fund targeting $800M-$1B checks across 8-10 companies. On May 11, Blackstone and Halliburton committed $1 billion combined to VoltaGrid, a gas-microgrid startup powering data centers, and announced a new lending platform for homebuilders aiming at 50,000+ US homes annually. The moves underscore Blackstone's aggressive pivot toward AI/data center infrastructure and private credit, but the New World fallout signals disciplined capital deployment. Risks include further valuation pressure on the stock, which is down 22.7% YTD and 14.4% over the past year despite the strategic positioning.
May 13Blackstone launched homebuilder lending platform to finance 50,000+ homes annually on May 11 and partnered with Sony Music to acquire the entire Recognition music rights portfolio; also preparing third long-term buyout fund.Positive▶
Blackstone announced major capital allocation moves on May 11, 2026. Blackstone Real Estate Debt Strategies launched a new lending platform to finance the construction of over 50,000 homes annually, and Blackstone closed a significant deal with Sony Music Publishing to acquire Recognition's entire music rights portfolio. Blackstone is preparing a third long-term private equity buyout fund per Bloomberg reporting on May 12. The firm also unveiled Blackstone N1, a new AI/tech investment division led by Jas Khaira based in San Francisco, partnering with Anthropic to launch an enterprise AI services business. The Blackstone Digital Infrastructure Trust REIT plans to raise ~$2B for AI-boom data centers. Blackstone Life Sciences invested $250M in Anagram Therapeutics.
May 12Blackstone unveiled multiple major deals May 11: a $1B VoltaGrid investment with Halliburton, a homebuilder lending platform for 50,000 homes/yr, and Skroutz acquisition.Positive▶
On May 11 Blackstone announced multiple major transactions: joining Halliburton in a $1B investment in VoltaGrid, a gas-powered microgrid startup serving data centers; launching a Brio Homebuilder Solutions lending platform to finance 50,000+ US homes annually; partnering with Sony Music Publishing to acquire Recognition Music Group's rights portfolio; and agreeing to acquire a majority stake in Greek online marketplace Skroutz from CVC. Earlier in May, Blackstone and KKR were reported in talks with Alphabet on AI model access for portfolio companies, and Blackstone/Apollo are weighing $35B private credit financing for Broadcom (potentially the largest such deal ever). The Blackstone Digital Infrastructure Trust (data center REIT) is targeting a ~$1.75B-$2B IPO. Shares traded around $121.40 on May 11; analysts maintain a Buy consensus with a $156.53 12-month target.
May 11Blackstone announced major deals including Skroutz acquisition, $1.75B data center REIT IPO filing, $35B Broadcom financing talks, and Google AI partnership discussions.Positive▶
On May 11, 2026, Blackstone announced a definitive agreement to acquire a majority stake in Skroutz, Greece's leading online marketplace, from CVC Capital Partners. Blackstone Digital Infrastructure Trust filed for a ~$1.75 billion IPO, issuing 87+ million shares at $20 each to fund hyperscaler data center acquisitions. Apollo and Blackstone are in talks over a ~$35 billion private credit financing for Broadcom. Blackstone is also in talks with Alphabet to give portfolio companies access to Google AI models. A Blackstone-led group is set to inject $100M+ into Medallia as part of a restructuring. Blackstone Secured Lending Fund reported Q1 results May 7 with net investment income fully covering its $0.77 dividend.
May 8Blackstone launched data center REIT IPO targeting $1.75B raise and announced $1.5B AI venture with Anthropic and Goldman Sachs.Mixed▶
Blackstone announced on May 4-5, 2026 the launch of a new AI-native enterprise services firm with Anthropic, Hellman & Friedman and Goldman Sachs, seeking to embed AI engineering resources within the startup. Blackstone also filed for IPO of Blackstone Digital Infrastructure Trust (ticker BXDC) on May 5, targeting $1.75 billion raise to fund data center acquisitions for hyperscalers. Blackstone and KKR are in discussions with Google regarding access to AI models for their portfolio companies. Separately, Blackstone invested $250 million in biotech startup Anagram Therapeutics on May 7, part of life sciences expansion strategy. However, Blackstone marked down private credit fund values citing loans issues. Stock down 1.89% to $122.33 on May 8.
May 6Blackstone establishes new AI-focused division and launches $1.75B Data Center REIT IPOPositive▶
Blackstone announced the creation of a West Coast-based division dedicated exclusively to managing its artificial intelligence portfolio, including investments in OpenAI and Anthropic. Concurrently, Blackstone Digital Infrastructure Trust filed for a $1.75 billion initial public offering on the NYSE. These moves underscore Blackstone's strategic pivot toward AI infrastructure and high-growth technology investments amid growing demand in the data center sector. Analyst consensus is bullish with a "Buy" average rating and $156.53 price target (27.55% upside).
May 5Blackstone launches $1.75B data center REIT IPO; partners with Anthropic on enterprise AI servicesPositive▶
Blackstone announced Blackstone Digital Infrastructure Trust, a new REIT targeting $1.75B+ IPO to capitalize on surging data center demand. Company simultaneously announced partnership with Anthropic, Hellman & Friedman, and Goldman Sachs forming AI-native enterprise services firm to deploy Claude across portfolio companies. Blackstone President Jon Gray discussed AI boom on CNBC. New West Coast AI division created to manage OpenAI and Anthropic investments separately from growth business. Company declared $1.16 dividend with May 4 ex-date. Consensus analyst rating Buy with 12-month PT $156.53 (26.58% upside). Stock down 1.67% on session.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| BLKBLACKROCK | $1,048.01 | -1.48% | -2.0% | 17.5x | 1.46 | $165.1B |
| BXBLACKSTONE | $127.78 | +7.77% | +1.3% | 15.7x | 1.63 | $144.9B |
| BKBANK | $137.16 | +0.00% | +0.4% | 14.2x | 1.07 | $94.1B |
| KKRKKR | $99.74 | +5.26% | -1.3% | 12.8x | 1.85 | $88.4B |
| APOAPOLLO | $138.79 | +6.03% | -2.4% | 12.3x | 1.52 | $75.5B |
| STTSTATE | $169.28 | +10.14% | -0.0% | 11.1x | 1.46 | $42.5B |
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Price below 200d MA — bearish structure.