A unit of Blackstone Group is investing in Mavik Capital Management, Bloomberg reports. Mavik, an opportunistic real estate investment firm, is looking to capitalize on “significant stress” that the COVID-19 pandemic caused the commercial real estate industry. Blackstone, one of the world’s largest real estate investors, will own a small, passive stake in the asset manager throughout its secondary business, according to people familiar with the matter.
Blackstone and Mavik representatives both declined Bloomberg’s request for comment.
Mavik currently has approximately $800 million under management and looks to gain as it expects, “unprecedented distress that will take many years to resolve,” according to an investor presentation that Bloomberg viewed. Mavik is also looking to raise a $300 million comingled fund that would target a 15 to 25% gross internal rate of return, according to the presentation. The company runs several strategies, including a private real estate investment trust and a business development company, Bloomberg reports. Additionally, Mavik has deployed more than $2.5 billion of capital since 2009.
Blackstone acquires energy, telecom infrastructure provider Sabre Industries
In more official news, Blackstone recently announced that private equity funds affiliated with the company agreed to acquire Sabre Industries, Inc. from The Jordan Company. The acquisition continues Blackstone Energy Partners’ focus on investing in companies that support moving towards cleaner more affordable energy. Sabre designs and manufactures towers and other related products for electrical utility and telecom end markets. The company’s products and services can play a key role in expanding 4G and 5G wireless telecom infrastructure for enhanced network reliability and connectivity.
“We are excited about investing in Sabre, as the company is well-positioned to benefit from increasing investment by electrical utilities and telecom industry participants in their network infrastructure, it has longstanding customer relationships, and it has a truly outstanding management team which has delivered a track record of industry-leading safety, customer satisfaction, and profitable growth,” Blackstone Senior Managing Director John-Paul Munfa said in a statement. “Our investment in Sabre builds upon Blackstone’s experience of prior investments in utility-related businesses, such as GridLiance and Custom Truck One Source.”
“Our leadership team is very excited to be partnering with Blackstone, a leading investor in energy and infrastructure related end markets,” Sabre CEO Jim Ruddy said. “We believe Blackstone will be an excellent strategic partner and will help the company accelerate its growth, while continuing to provide high-quality products and services that will assist in modernizing the U.S. electrical grid and in enhancing wireless telecom networks.”
Blackstone’s acquisition is subject to customary closing conditions and is expected to close during the second quarter of 2021.
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