Alternative asset behemoth Blackstone (NYSE:BX) is taking Apartment Income REIT Corp. (NYSE:AIRC), popularly known as AIR Communities, private in a $10 billion deal. Additionally, the private equity major is inching closer to acquiring skincare solutions provider L’Occitane International.
Blackstone’s Mega REIT Play
Blackstone is acquiring AIRC at $39.12 per share. The announcement of the deal propelled AIRC shares nearly 22% higher yesterday. AIRC’s portfolio includes 76 rental housing communities in major coastal markets such as Miami, Los Angeles, and Boston.
Moreover, Blackstone plans to pour over $400 million into AIRC to maintain and improve its current real estate footprint. The M&A deal is expected to close in the third quarter of 2024. Notably, this is Blackstone’s largest deal yet in the multifamily market. The mammoth transaction comes at a time when elevated interest rates are putting a strain on property prices.
Skin in the Skincare Market
Separately, Blackstone is inching closer to acquiring skincare solutions provider L’Occitane International (OTC:LCCTF) (HK:0973). According to Bloomberg, Blackstone is teaming up with L’Occitane’s owner, Reinold Geiger, to take the company private. While discussions are still ongoing, a final deal may or may not materialize.
L’Occitane sells its products via eight brands in nearly 90 countries. Its market capitalization stands at nearly $5.53 billion at present.
Is BX a Good Stock to Buy?
Blackstone’s share price has rallied by nearly 64% over the past year. Overall, the Street has a Moderate Buy consensus rating on the stock, alongside an average BX price target of $129.33. This implies Blackstone shares may be hovering in fair valuation territory at present.
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