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Blackstone in the attack on the UN: We provide emergency assistance

According to the united nations in a letter, accused the private equity fund Blackstone to have a detrimental impact on the housing market, they go now to the c

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Blackstone in the attack on the UN: We provide emergency assistance

According to the united nations in a letter, accused the private equity fund Blackstone to have a detrimental impact on the housing market, they go now to the counter-attack on the UN menneskerettighedskommisær Michelle Bachelet Jeria.

Blackstones global heads of real estate transactions Ken Chaplan and Kathleen McCarthy writes that the UN's letter is filled with false claims, with significant factual errors and erroneous conclusions.

'You claim to Blackstones investment in housing has a 'detrimental effect' on tenants in the UNITED states and Europe, and that Blackstone is undermining the laws and policies that would improve access to housing. Nothing could be further from the truth. We share in fact, your concern over the chronic underdevelopment of housing in major metropolitan cities around the world and is proud of the fact that Blackstone has contributed to the availability of rental housing to bring significant capital and expertise to the sector'.

It writes the Blackstone in a letter addressed to the UN, which Ekstra Bladet has come into possession of.

In the letter points out, Blackstone, moreover, that they have invested large sums of money in properties, and that they have a high degree of satisfaction among its residents.

'Companies like Blackstone to provide relief to the devastated community, gives confidence to homeowners on the value of their homes, promote local economic growth and create local jobs. We have helped those who cannot afford to buy homes to ensure houses of high quality', writes Blackstone.

Blackstone has, by his own admission real estate assets under management for a value of almost 760 billion.

here in Denmark, the Blackstones partner 360 North Property Management, as since 2017 has built a portfolio of over seven billion dollars, together with.

the management company 360 North is housed in the Portland Towers in the Harbour.

The rapid renovations has since 2016 led to 121 complaints of the rent in Copenhagen. In the four decisions, which Ekstra Bladet has seen, puts the board the rent down.

the Complaints go over a wide comb on too high rent, high deposit, clearing of attics without notice and vedligeholdelsesmangler. Blackstone has bought over 160 properties in Copenhagen and at Frederiksberg.

But the Blackstone believes that they take their responsibility as a landlord all over the world extremely seriously.

'We keep ourselves on fairness, transparency and empathy for our tenants. The injection of capital is one of the solutions to the chronic lack of supply of housing in the world's major capitals all over the world', they write.


the UN's special rapporteur on housing, Leilani Fahra, have not had time to review the letter yet, but notes that she is glad that they are now in dialogue.

- of course There are several things that we disagree on, but I am glad that they are now starting to talk to us, she says.

Photo: WG Film

She is in Denmark in connection with the movie Push, which follows her journey around to the places where the private equity funds buying up properties. In the film accepts the Blackstone in the first place to meet with her, but on the day cancels the dog meeting. The same happened with the 360 Norths director, Nils Jansson, who has refused to meet with her.

Leilani Fahra in a letter to the Danish government on Monday warned against Blackstone.

- the Governments have not yet understood that this new form of financing takes place within a territory subject to human rights law, and that they therefore have obligations, " says Leilani Farha in a press release issued by the UN on Tuesday.

Danish Prime minister Lars Løkke Rasmussen has not responded to the request from the UN yet. Housing minister Ole Birk Olesen has said that he will be pleased to read the letter.

- Yes, it is a human right to have a home, but it is surely not a human right, that it must happen in a particular town or a particular place in the Copenhagen K. It is very interesting that the UN says it is – and that the UN is so with one eye politically. It will be interesting to read the letter, said Ole Birk Olesen to Politiken.

Director of Boligøkonomisk resource center Curt Liliegreen points out that there is nothing wrong with foreign capital.

- One should not sneeze at of private capital. Many shopping centres are bought by the private equity funds that can help with expertise on how to operate them, he says.

But he explains that the Blackstones interest in the housing market is not the same as the Danish politicians.

- It is not Blackstones task to ensure affordable housing in Copenhagen. They do not have the same focus as politicians, to ensure that it is inexpensive to stay here. Their task is to ensure the return, he says.

He goes out from the committee of experts, which right now is in the process of looking at housing, will soon come up with austerity measures, so Blackstone smoking out.

Why does he think that it is a little dramatic, that the united nations now turn to Denmark.

- the united nations has recently issued a report showing that there are a billion people living in slums. Thus, it is a larger problem than that there are no people in the district of Vesterbro, who will be pushed out by gentrification, he says.

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