Landmark Properties and Blackstone Real Estate Income Trust to form $784m joint venture.

Landmark Properties, a fully integrated real estate firm, and Blackstone Real Estate Income Trust, a perpetual-life, institutional quality real estate investment platform, agreed to form $784m joint venture. The join venture plans to recapitalize eight student housing assets totaling 5416 beds across the US. With this transaction, Landmark's portfolio includes 79 student housing communities. "We are thrilled to partner with Landmark, one of the top student housing developers in the US, to acquire this portfolio of well-located assets concentrated at leading US universities with growing enrollments. Student housing has a history of being resilient while generating strong cash flows and this transaction is consistent with BREIT's strategy of acquiring high-quality, income generating properties that have attractive long-term growth potential. We look forward to growing our presence in this asset class and working together on future transactions," Jacob Werner, Blackstone Real Estate Senior Managing Director.