(Reuters) - Blackstone Group LP is the largest private real estate investment business in the world, with funds focused on opportunistic transactions, debt, core assets and a publicly traded real estate investment trust, Blackstone Mortgage Trust.
Blackstone and Wells Fargo & Co confirmed on Friday that they were buying most of the assets of GE Capital Real Estate for about $23 billion.
Before Friday's deal with General Electric Co, total assets under management in Blackstone's real estate portfolios were $80.9 billion at the end of December.
Blackstone operates in private equity, real estate, hedge funds and credit portfolios, but real estate, even before the GE deal, is a bit larger than the other segments and contributes the most to Blackstone's profit.
Key details about Blackstone's real estate portfolios:
- Largest owner of U.S. office space at 96 million square feet. It will be enhanced by an additional 24 million square feet from GE, mostly office buildings in Southern California, Seattle and Chicago, according to a source.
- Largest hotel operator globally, overseeing 300,000 rooms.
- Major investor globally in apartment buildings, with 45,000 units.
- Most active investor since 2011 in retail, 154 million square feet
- Blackstone Mortgage Trust, one of the firm's real estate arms, is weighted toward New York, the United Kingdom and California, at 30.5 percent, 14.1 percent and 13.1 percent, respectively, of its portfolio.
(Reporting by Herbert Lash in New York; editing by Matthew Lewis)