Private equity group says it is working to resolve litigation inherited with AIG property portfolio
Blackstone is attempting to settle legal disputes with the non-profit groups that operate some of its affordable housing properties as it contends with a legal ruling over ownership rights in part of a $5.1bn portfolio the investment group bought from AIG last year.
Blackstone, the world’s biggest private equity firm, has bought housing assets worth more than $20bn during the coronavirus pandemic including student halls of residence, a rent-to-buy landlord and AIG’s portfolio of 678 rent-controlled developments funded through a federal low-income tax credit programme.
The deals represent Blackstone’s biggest push into the US housing market since the financial crisis. The former AIG portfolio, now known as April Housing, is among the biggest investments in Breit, Blackstone’s $63bn unlisted real estate investment trust that is popular with wealthy retail investors.
Read more: FT
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