Monday, November 20, 2006

The largest LBO in history

The Blackstone Group acquires Equity Office Properties Trust, USA's largest office-building owner & manager for $36 billion: Blackstone Acquiring Trust in Richest Buyout

"Under the transaction, Equity Office will go from being a publicly held company to a private one. Blackstone will pay $20 billion and assume $16 billion in debt.

...The deal will make Blackstone, which was founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman, one of the nation’s largest owners of real estate.

...Blackstone will move ahead of Kohlberg Kravis Roberts & Company, which led the H.C.A. sale....This year alone, Blackstone has bought $20 billion worth of real estate, or 7 percent of all acquisitions. It has been involved in more REIT buyouts and mergers than any other company."
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