Blackstone Real Estate Funds Complete $2.3B Alexander & Baldwin Take-Private Deal
Blackstone Real Estate funds and MW Group led a $2.3 billion acquisition of Alexander & Baldwin in an all-cash deal valuing shares at $21.20 each, netting $20.85 per share post-dividend. Closing on March 12, 2026 took A&B private and highlights Blackstone’s real estate deal flow, with BXMT poised for potential financing roles.
1. Transaction Details
On March 12, 2026, a joint venture including Blackstone Real Estate funds, MW Group and DivcoWest completed the all-cash acquisition of Alexander & Baldwin for an enterprise value of $2.3 billion. Holders received $21.20 per share, netting $20.85 after the $0.35 fourth-quarter 2025 dividend, and A&B common stock has ceased trading on the NYSE.
2. Blackstone Real Estate's Role
Blackstone Real Estate contributed capital through its Core+ and debt platforms and partnered with MW Group and DivcoWest to execute the transaction across grocery-anchored retail, industrial and office assets in Hawai‘i. The deal underscores Blackstone’s scale in sourcing and structuring large commercial real estate investments.
3. Implications for BXMT
Although Blackstone Mortgage Trust was not a direct investor in this takeover, the transaction reinforces the group’s deal pipeline that BXMT’s lending arm can support. Increased transaction volume across Blackstone’s platforms may generate fresh commercial mortgage opportunities and bolster BXMT’s income streams.