The Bloomberg REIT Index saw its largest single-day gain since December on Monday, with AIR Communities (Apartment Income REIT) recording the biggest gains. Apartment stocks are surging following Blackstone’s $10 billion investment in multifamily properties. Despite REIT shares being below their 2022 highs, Monday’s increase erased all year-to-date losses, ending the day up 0.9 percent for the year.
AIR Communities’ stock rose by 22 percent after Blackstone’s acquisition announcement, reaching $38.38 per share. Blackstone’s activity in the commercial real estate sector is expected to impact REITs beyond AIR, with the acquisition set to close next quarter. Recent moves by Blackstone include a $3.5 billion acquisition of Tricon Residential and joint ventures in data centers.
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The Bloomberg REIT Index experienced a significant increase following Blackstone’s $10 billion investment in multifamily properties. This resulted in the largest single-day gain since December, with apartment stocks surging. Specifically, Apartment Income REIT, also known as AIR Communities, saw a 22% increase in its stock price. Blackstone’s acquisition of AIR is expected to have a positive impact on the entire REIT sector. Additionally, Blackstone has made other recent investments, including a $3.5 billion acquisition of Tricon Residential and joint ventures in data centers. This activity indicates a strong interest in real estate from Blackstone, which could impact the industry as a whole.
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