ABSTRACT
In the years following the global financial crisis of 2007–2009, a major new player emerged in the world of large-scale residential property investment: the Blackstone Group, a Wall Street-based alternative asset manager, sometimes referred to as a private-equity investor. Although it had made smallish investments in housing in the past, Blackstone entered the financial crisis with no exposure to this asset class. Starting in 2011, however, Blackstone acquired large swathes of housing, in more than ten countries on three continents with a particular focus on two territories: Spain and the US. By 2019, Blackstone owned, and let, over 300,000 homes, and ranked alongside the likes of Germany's Vonovia as one of the world's largest residential landlords. In political-economic terms, a powerful narrative has emerged around such investment groups over the past few decades, during which private equity and other alternative asset classes have moved from the fringes of the asset management business to a central position.
