As part of General Electric's sale of its financial services business, the Blackstone Group said it would purchase GE's real estate investment trust for around $2 billion. Blackstone's planned acquisition of Excel Trust is another in a line of big property deals for the private equity firm. Its fast-growing real estate side generated $11.4 billion in net income last year.
With its Blackstone Mortgage Trust and Invitation Homes, Blackstone is the largest holder of single family rental homes in the country. Total real estate assets under management peaked at $80 billion in 2014, more than double total holdings in 2010.