Blackstone is a leading global investor in the alternative asset secondary market. Address: Business: Phone: Fax: GATEWAY ONE MACQUARIE PLACE, SUITE 3901 SYDNEY NSW 2000, AUSTRALIA: THE BLACKSTONE GROUP (AUSTRALIA) PTY LTD: PHONE: +61 2 … The move follows the private equity giant’s appointment of JLL and Rothschild for the sale, which was believed to be on a yield between 5 percent and 5.25 percent. Blackstone is a global investor, managing funds on behalf of pension funds, institutions and individuals. A spokesman for company founder James Packer, Crown’s top shareholder with about 36% of its shares, declined to comment. The Blackstone portfolio comes with a 6.8 year weighted average lease expiry and nine industrial estates – including the Woolworths-leased Westhub Estate west of … Prior to that, he was a partner at Archer Capital, one of Australia’s leading domestic private equity firms and a Director of the Macquarie Direct Investment group, Macquarie […] This site uses cookies. Blackstone’s team, spearheaded by … Blackstone rolls the dice with $6.2 billion move on Australia's Crown Resorts Byron Kaye, Rashmi Ashok, 22 March 2021 Crown shares leapt more than 20% after it disclosed the informal offer on Monday, passing Blackstone’s indicative price of A$11.85 as investors wagered a bigger payment could be in the offing from the world’s No. In this news, we discuss the Blackstone proposal values Australian casino operator Crown at $6.2 billion. Taiwan's Richest. U.S. private equity group Blackstone has made an unsolicited, non-binding offer of $11.85 cash per share. Blackstone acquired a 9.9% stake in Crown almost a year ago from Macau casino operator Melco for a A$551m. Investors often trade below an indicative offer price to allow for the possibility of a deal failing to eventuate. "These stocks are trading at trough earnings and I wouldn't be surprised to see further activity in the sector.". Packer sold out of casinos in Macau and the United States and began a series of attempts to take Crown private after 18 staff were jailed in China in 2016 for violating anti-gambling laws. Australia's financial crimes agency meanwhile is investigating Crown over money-laundering allegations, and the company faces two civil lawsuits accusing it of failing to disclose risks which led to share price declines. After The Australian reported news of the Blackstone bid for Crown online on Sunday night, some investors spoken to by DataRoom said that any offer would need to … There’s an exquisite sense of timing about Blackstone’s $8 billion bid for Crown Resorts. Blackstone, Crown’s second-largest shareholder with 9.99%, confirmed the approach but declined to comment further. A general view of Crown Towers during the Crown Resorts annual general meeting on October 26, 2017 in Melbourne, Australia. Read our policy. Blackstone’s dealmakers – its real estate investment unit – have watched every development at Crown very closely. But it would get a company in crisis after Crown lost its license to operate a flagship new casino on Sydney's waterfront last month amid allegations of money laundering and links to organized crime. Founded in 1967, SERVPRO has grown into a network of over 1,700 franchises in North America. Macquarie Equities said the Blackstone offer implied a multiple of 9.4 times its earnings estimate for Crown for the 2023 financial year, and 8.3 times its estimate for 2024 year. 1 private-equity firm or another suitor. Blackstone rolls the dice with $6.2 billion move on Australia's Crown Resorts Byron Kaye, Rashmi Ashok, 22 March 2021 Crown shares leapt more than 20% after it disclosed the informal offer on Monday, passing Blackstone’s indicative price of A$11.85 as investors wagered a bigger payment could be in the offing from the world’s No. Welcome to IPE Real Assets. There’s an exquisite sense of timing about Blackstone’s $8 billion bid for Crown Resorts. It has since expanded its logistics portfolio. Blackstone is a leading global investment business investing capital on behalf of pension funds, large institutions and individuals. The next biggest investor, aside from its own 9.99 per cent … ... Australia’s financial crimes agency is also investigating Crown over money-laundering allegations, and the company faces two shareholder class actions accusing it of failing to notify them of risks which later led to share price declines. Blackstone, Crown's second-largest shareholder with 9.99%, confirmed the approach but declined to comment further. Between 2016 and 2017, it bought more than 40 industrial properties in three tranches, at a cost of almost A$1.7bn, from Goodman. The US investment management firm, … Investment company Blackstone Group is looking to offer a path to survival for Australian hotel and casino company Crown Resorts through a proposed takeover worth billions of dollars. ... the mobile app marketing company Liftoff says it is taking on a majority investment from the private equity firm Blackstone. Secondary market real-time snapshot * data is a leading global investor, Managing funds on behalf of pension funds institutions. Into a network of over 1,700 franchises in North America leading global investor the... Submitted an unsolicited, non-binding offer of $ 11.85 cash per share just over a years., blackstone added two more assets purchased from Charter Hall 31, 2020, otherwise! Markets Live team a leading global investor, Managing funds on behalf of pension funds, institutions and.! Where Crown is licensed to operate a 36 % stake in Crown almost a year ago from Macau operator... 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