Brexit Is Creating a Buying Opportunity, Blackstone President Says

(Bloomberg) -- Brexit has turned the U.K. into the best buying opportunity among developed economies, according to Jonathan Gray, president of investment firm Blackstone Group Inc.

Blackstone has been acquiring assets at better prices as other investors have become skeptical about economic growth amid uncertainty surrounding Britain’s pending exit from the European Union, Gray told the board overseeing the University of California’s pension holdings at a meeting Tuesday in Los Angeles. He cited Blackstone’s 2018 deal to buy a portfolio of properties from the Network Rail Infrastructure Ltd., a long-term bet on British commercial real estate.

“It’s not just about what’s coming, it’s about the price I have to pay for it,” Gray said. “We feel like you’re getting compensated.”

©2019 Bloomberg L.P.

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