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Real Estate - JULY 16, 2021

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Blackstone REIT buys $5.1 affordable housing portfolio

by Andrea Zander

American International Group and Blackstone Real Estate Income Trust (BREIT), a long-term, perpetual capital vehicle affiliated with Blackstone, have reached a definitive agreement for BREIT to acquire AIG’s interests in a U.S. affordable housing portfolio for approximately $5.1 billion, in an all-cash transaction. This transaction is subject to customary closing conditions and is expected to close in fourth quarter 2021.

Kathleen McCarthy, global co-head of Blackstone Real Estate, said, "These communities provide critical affordable housing, and we look forward to being long-term owners. We will make significant investments to improve the apartments while ensuring they remain affordable and in compliance with all rent regulations. We are committed to working with our partners in this sector to expand the supply of affordable housing.”

In separate news, Blackstone acquired a 9.9 percent equity stake in AIG’s Life & Retirement business for $2.2 billion in an a

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