Blackstone REIT Upsizes Stock Offering

NEW YORK CITY-Blackstone Mortgage Trust said Wednesday evening it had upsized its stock offering to 22.5 million shares from the 16 million announced last week. The shares are priced at $25.50 apiece, and the Blackstone Group affiliate said it expects to realize gross proceeds of $573.8 million, or $659.8 million if the underwriters exercise their option to purchase additional shares in full.

In a release, the REIT says it intends to use the proceeds from the offering to originate and acquire an initial portfolio of senior mortgage loans and pari passu participations in existing senior mortgage loans, to originate and acquire additional CRE loans in the US and Europe and for working capital and general corporate purposes.