Schwarzman bullish on Blackstone's Australia prospects
The Blackstone Group is looking to increase its investments in Australian real estate and private equity, according to Stephen Schwarzman, the firm’s co-founder.
"We are very focused on Australia. Where else in the world can you invest in where they don't have recessions?" Schwarzman, who serves as chairman and CEO of Blackstone, said during a visit to Sydney, The Australian reported. He cited the set-up and stability of the country's economy and its proximity to fast-growing Asian markets as particular strong points.
Blackstone opened its Sydney office in 2010 and has made $2.5 billion worth of real estate investments in the country, notably assets held by Valad Property Group following a 2011 takeover. It also been a prolific buyer of international assets from Australian sellers, picking up 65 US industrial assets owned by Dexus Property Group in 2012 and Centro Properties' US portfolio the previous year.
AVCJ Research has no records of Blackstone completing sizeable private equity investments in Australia, although it reportedly was among the final bidders for Ingham Enterprises and Healthscope.
In 2011, the firm appointed Paul Costello, formerly general manager of Future Fund, as non-executive chairman for Australia and New Zealand. James Carnegie, previously of Archer Capital, joined the following year as a senior advisor based in Sydney, primarily focusing on private equity in Australia.
Schwarzman noted that "property is easier to buy than companies," but said that Blackstone is still interested in corporate private equity transactions if the price is right.
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