(Bloomberg) — Blackstone Inc. is increasing its presence in Canadian actual property and opening a Toronto workplace to additional drive funding in one of many world’s hottest property markets.
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Janice Lin will lead the trouble as head of its actual property enterprise within the nation, New York-based Blackstone mentioned in a press release Monday. She’s becoming a member of from senior housing operator Revera, the place she was chief funding officer.
Blackstone, with C$14 billion ($10.8 billion) of Canadian actual property belongings, is shifting aggressively to develop into a much bigger participant in all sectors of the property market. In the previous 4 years, it has spent greater than C$4 billion to purchase warehouses and industrial actual property. It has additionally begun shopping for some workplace buildings in shut proximity to residential actual property in Toronto and Montreal.
The pandemic-fueled growth in e-commerce has plunged the nation right into a nationwide warehouse scarcity, spurring industrial rents to skyrocket. Soaring housing prices, whether or not to purchase or lease, have additionally made house buildings among the most steady varieties of property investments. A scarcity of land adjoining to main cities and the sluggish technique of rezoning actual property for different makes use of has most consultants predicting neither Canada’s warehouse or housing shortages will ease quickly.
Lin “will help drive Blackstone Real Estate’s Canadian footprint as it continues to invest across all asset classes, with a focus on its long-term presence in the country,” the agency mentioned within the assertion.
The Globe and Mail reported on the plans earlier Monday.
(Updates with Blackstone technique beginning within the fourth paragraph.)
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Blackstone Opens Toronto Office for Canada Real Estate Push & More Latest News Update
Blackstone Opens Toronto Office for Canada Real Estate Push & More Live News
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Blackstone Opens Toronto Office for Canada Real Estate Push & More News Today
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