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Blackstone’s $9.6 Billion Bet On The U.S. Housing Recovery Files To Go Public

Blackstone’s $9.6 Billion Bet On The U.S. Housing Recovery Files To Go Public
By Antoine Gara

When the credit crunch struck in 2008 and created a tidal wave of foreclosures across the United States, private equity giant Blackstone Group was among a number of Wall Street firms that saw an opportunity to bet on an eventual housing recovery. The firm, under the guidance of its billionaire head of real estate Jonathan Gray, created a company called Invitation Homes in 2012 that spent an estimated $9.6 billion dollars scooping up thousands of properties nationwide and turning them into rentals.

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Blackstone’s big bet on the U.S. residential real estate recovery is planning to list on stock markets in an initial public offering that may fetch a valuation north of $5 billion.