Deals
Blackstone Profit Rises 56% as Real Estate Gains
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Blackstone Group LP, the world’s largest private-equity firm, said fourth-quarter profit rose 56 percent as the value of its real estate investments gained.
Profit, excluding some costs tied to the firm’s 2007 initial public offering, increased to $512.7 million, or 46 cents a share, from $329.4 million, or 29 cents, a year earlier, New York-based Blackstone said today in a statement. The result beat the 30-cent average estimate of seven analysts in a Bloomberg survey. The shares rose the most in a month.