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Blackstone's property focus pays off

The GE deal crystallises what many analysts have come to believe of Blackstone: the really big money is being made in real estate.

Mr Gray has said that real estate has indeed had a good run but he has also pointed out that he has seen no evidence of too much capital and too many cranes - the sign for him that markets are overheating.

AS Blackstone's top executives fan out across the globe, pitching their services at elite gatherings of investors, they invariably tell the crowd: Hope you guys like this hotel, because we own it.

When it comes to real estate, Blackstone owns a lot more as well.

The private equity...

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