Pátria Investimentos (“Pátria”) and Blackstone (NYSE:BX) today announced that Blackstone Real Estate Partners VII and Pátria Brazil Real Estate Fund III acquired four office buildings in Rio de Janeiro from Opportunity’s Real Estate Fund for R$700 million. Pátria and Blackstone will own the portfolio in a 50/50 joint venture.

“Well-located and recently-constructed, these buildings have attracted a wide range of major institutional tenants. Given the current dislocation in the market, we believe this is an opportune time to be investing alongside Blackstone in these high-quality and promising assets,” said Helmut Fladt, Real Estate Director for Pátria Investimentos.

This is the second investment Blackstone Real Estate Partners has made in Brazil in partnership with Pátria. In late 2013, the companies acquired 70% of Alphaville Urbanismo, the leading developer of gated residential communities in Brazil.

“We are pleased to make this new investment with our partners at Pátria. It is an important market for us and we will continue to explore additional investment opportunities throughout Brazil,” said David Roth, a Managing Director in Blackstone’s Real Estate group.

Two of the buildings Visconde de Inhaúma Corporate and Sao Bento Corporate are located in downtown Rio de Janeiro, and the other two buildings, Americas Corporate (Towers 3 and 4) and Peninsula Corporate, are located in the district of Barra da Tijuca.

About Pátria Investimentos

Pátria Investmentos is one of the leading alternative assets managers and financial consulting companies in Brazil. Founded in 1988, it is a pioneer in the private equity industry having gradually expanded its portfolio with the development of new business in Infrastructure, Real Estate and Hedge Funds in response to the needs of their investors and clients, and the opportunities presented by the country's dynamic economic expansion. Currently, it has over R$15 billion assets under management. It is a local partner for Blackstone, global leader in alternative investment management and corporate consulting. For further information, please visit the website: www.patriainvestimentos.com.br

About Blackstone

Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has more than $80 billion in investor capital under management. Blackstone’s real estate portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe, Asia and Latin America. Major holdings include Hilton Worldwide, Invitation Homes (single family homes), Logicor (pan-European logistics), SCP (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).

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with almost $300 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.