BX Stock Recent News

Private equity firm KKR has agreed to buy a portfolio of 19 student housing properties from Blackstone Real Estate Income Trust for about $1.64 billion, the companies said on Thursday.

Hipgnosis Songs Fund has found itself at the center of a private-equity fuelled bidding war between Blackstone and Apollo-backed Concord Music Group following the Nashville music producer's new offer to pay $1.5 billion for the London-listed music investor.

Public and private real estate investments are fairly similar in terms of property acquisitions and asset selection. Publicly traded REITs tend to select higher quality assets and have higher occupancy rates compared to private equity real estate. The cost structures and fees associated with public and private real estate investments vary, with exchange-traded REITs offering a more cost-effective structure for large-cap companies.

Hipgnosis Songs Fund Limited (LSE:SONG) agreed a new, higher offer from Nashville record company group Concord of US$1.25 a share, announced yesterday evening.  Directors of the two companies said they had reached agreement on the terms of the increased cash offer, unanimously recommended by the Hipgnosis board.

Blackstone BX, -0.43% said it is acquiring acquire Tropical Smoothie Cafe, an Atlanta-based franchiser with over 1,400 locations in 44 states, from Leichtman Capital Partners.

Blackstone-owned Crown Resorts was found suitable to retain its Sydney casino's licence after nearly three years of intensive remediation, a gambling regulator said on Tuesday.

Liberum believes Blackstone's $1.24 per share proposal to acquire Hipgnosis Songs Fund “presents materially better value to shareholders than the Concord offer” and expects the higher bid to “ultimately be the successful one”. Blackstone's interest in Hipgnosis is part of a broader strategy involving its existing 51% stake in Hipgnosis Song Management, Liberum pointed out.

Hipgnosis Songs Fund, the London-listed company that owns the rights to songs by Justin Timberlake and Shakira, on Monday said it is now considering putting its weight behind a takeover offer submitted by Blackstone, causing its share price to surge 10%.

Distressed music royalties fund Hipgnosis, which owns the rights to back catalogues ranging from Red Hot Chili Peppers to Neil Young, has received a rival takeover proposal from private equity firm Blackstone. Hipgnosis, which just on Friday agreed to a US$1.4 billion/US$1.16 per share bid from Nashville-based music rights owner Concord, said it “would be minded to recommend to its shareholders should Blackstone announce a firm intention to make an offer”.

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