NEW YORK: Blackstone, one of the largest investors in real estate worldwide, has stormed into Australia’s housing sector with a $150 million investment in modular home park owner National Lifestyle Villages Group.
The United States-based private equity giant is one of the biggest owners of affordable housing throughout the US and Canada.
The move represents the first time a major institution has bet on Australia’s affordable housing market.
Under the $150 million deal, Blackstone has secured control over an annuity stream generated by the weekly rents residents pay for park services and upkeep, which starts about $160 a week…