Blackstone’s Gray Expects ‘New Cycle’ for Real Estate Market
- Firm deployed almost $15 billion in first half on real estate
- Profit available to shareholders increased 3% from a year ago
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Blackstone Inc. President Jon Gray said that world’s largest alternative asset manager is ready to pounce on a pickup in property markets.
“The cost of capital has begun to decline, which should be further helped by Fed cuts later this year,” he told Wall Street analysts Thursday after the firm reported its second-quarter results. This shift will set the foundation for “a new cycle of increasing values in real estate.”