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LONDON, UK / ACCESSWIRE / June 21, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for The Blackstone Group L.P. (NYSE: BX), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=BX. The Company announced on June 19, 2017, that its real estate unit, Blackstone Real Estate Partners Europe V, has acquired a majority stake in office space provider The Office Group (TOG). TOG is a pioneer and provider of flexible workspace in London UK. The deal is valued at £500 million (approximately $640 million). Blackstone acquired the majority stake in TOG from Lloyd Dorfman CBE. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Other finer details of the deal were not disclosed. The transaction is expected to close in June 2017. After the deal is completed, TOG's Co-founders, Charlie Green and Olly Olsen, will continue to hold their positions as TOG's co-CEOs. Both Co-founders along with Lloyd Dorfman will also continue to hold shares in TOG after the transaction is through.

About The Office Group

TOG was founded in 2003 by Charlie Green and Olly Olsen in London, the UK with the backing of private equity fund Bridges Ventures. Lloyd Dorfman CBE had acquired a majority stake in TOG in September 2010. In 2011 TOG formed a 50:50 joint venture with Network Rail to refurbish and run empty office space in 5 mainline stations in London. They also added drop-in working areas at these stations.

TOG is a pioneer of the shared workspace concept in the UK. The Company offered beautifully designed buildings with a wide variety of design-led and flexible offices, meeting rooms, and co-working spaces that foster an open, collaborative working culture. Tenants are offered membership schemes and short-term leases which were suitable to the needs of the modern British workplace in a fast-changing business environment. TOG's members have the option of working across multiple locations and enable Companies to grow, downsize or exit a space quickly and cost effectively. TOG's office spaces also have libraries, screening rooms, cafes, gyms, and roof gardens.

At present, TOG has office spaces available in over 29 buildings out of which 27 are in London. It has over 15,000 members which includes over 2,000 Companies who represent today's modern and varied workforce. These members could be anyone from app creators and advertising agencies to media Companies, financiers and foodies, from artists and architects to start-ups, entrepreneurs, and freelancers.

Comments from the Parties in the deal

Commenting on the acquisition, Anthony Myers, Head of European Real Estate at Blackstone, said:

"The traditional workspace is being redefined in gateway cities across the globe, as evolving business practices increase demand for flexible office space to suit the needs of the discerning modern occupier. We are excited about this opportunity and look forward to working with the team to capitalize on the sector's continued growth."

Olly Olsen, Co-founder of TOG added:

"We are very excited, together with our new partner, Blackstone, to move onto the next phase of our development which will allow us to accelerate TOG's growth. We will do this by continuing to open new locations and defining new and innovative ways of addressing how people wish to work."

Lloyd Dorfman CBE, Chairman of TOG shared:

"In my seven years with the business, we have significantly expanded the portfolio and client base. TOG is a dynamic and innovative business, with buildings in optimal locations operating in a market whose time has come."

About Blackstone's Real Estate Unit

Blackstone is largest real estate private equity firm in the world with $102 billion of assets under management. The Real Estate business was started in 1991 and currently their investments are spread across locations in North America, Europe, Asia, and Latin America. Blackstone's real estate portfolio includes office, retail, hotel, industrial, and residential properties. Some of the major holdings include Hilton Worldwide, Invitation Homes (single family homes), Logicor (pan-European logistics), SCPG (Chinese shopping malls), and prime office buildings in the world's major cities.

Blackstone real estate also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust (NYSE: BXMT). The value of its gross assets is approximately $200 billion. It has 12 offices worldwide and is supported by a team of 420 global real estate professionals.

Last Close Stock Review

On Tuesday, June 20, 2017, the stock closed the trading session at $32.94, slightly slipping 0.39% from its previous closing price of $33.07. A total volume of 3.61 million shares have exchanged hands. Blackstone's stock price surged 9.76% in the last three months, 13.70% in the past six months, and 29.23% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have rallied 21.86%. The stock is trading at a PE ratio of 16.33 and has a dividend yield of 10.56%. At Tuesday's closing price, the stock's net capitalization stands at $39.32 billion.

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