Blackstone to Buy Exhibit Space Provider
The company will be joined by Firestone Investments in the acquisition of International Market Centers. The transaction is on track to close in the third quarter of 2017.
July 10, 2017 | by Barbra Murray | Commercial Property Executive
Global investment giant Blackstone inks yet another deal that will expand its real estate holdings. Funds managed by Blackstone Real Estate Partners and Blackstone Tactical Opportunities have committed to acquiring International Market Centers Inc., the largest owner and operator of premier showrooms space for the furnishings, home decor and gift industries in the U.S. Blackstone will purchase the company, which boasts a portfolio of 12.2 million square feet of exhibition space in High Point, N.C., and Las Vegas, from Bain Capital Private Equity LP and funds managed by Oaktree Capital Management LP.
The parties involved aren’t disclosing the price, however there are some figures that can put the transaction in perspective. IMC obtained $610 million for the refinancing of its senior secured debt and revolving credit facility in November 2016, and the company does have a billion-dollar history. In 2011, Bain and Oaktree invested $1 billion to combine the High Point and Las Vegas showrooms, totaling 10.6 million square feet at the time, and create the business-to-business platform. Currently, IMC’s collection of properties includes the World Market Center in Las Vegas and Market Square Complex in High Point.
Now, Blackstone will help take the company to a new level. “By leveraging the scale of Blackstone’s platform and expertise in real estate investing, we look forward to partnering with IMC to help drive the company’s continued growth in the years ahead,” Tyler Henritze, senior managing director with Blackstone’s real estate group, said in a prepared statement.
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