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Blackstone — Blackstone Property Partners Europe Holdings — Debt Investor Presentation (March 2026)
46 slides from Blackstone's debt investor presentation, March 2026
Slide 1: Blackstone Property Partners Europe Holdings Investor Presentation
HIGHLY CONFIDENTIAL & TRADE SECRET Blackstone Property Partners Europe Holdings Investor Presentation MARCH 2026 Blackstone Property Partners Europe Holdings Blackstone | 0
Slide 2: Important Disclosure Information
IMPORTANT DISCLOSURE INFORMATION HIGHLY CONFIDENTIAL & TRADE SECRET This doc um ent h as been pr ep ared by Bl ac ks tone P rope r ty P ar tne rs Eur ope Holdings S. à r.l. (“B PPEH ”, the “Iss ue r ”) solely for info r m ation al p urposes , and p resen ts the co mbined res ults and rel ated in fo
Slide 3: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) HIGHLY CONFIDENTIAL & TRADE SECRET There can be n o assurance that Blackstone's investment o bject ives for any fund will b e achieved or that its investment programs will be successful. The re c an be no ass ur an ce th at any o f the S us tain ability Init
Slide 4: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) HIGHLY CONFIDENTIAL & TRADE SECRET G lob al In vestmen t Co m mi ttee . Blac ks tone h as a cen tr alized investmen t p rocess. Gene r ally, significan t eq uity in ves tmen ts are e val uated by the Glob al In ves tmen t Co m mittee an d significant d eb t
Slide 5: BPPEH Overview
HIGHLY CONFIDENTIAL & TRADE SECRET BPPEH Overview Blackstone Property Partners Europe Holdings Blackstone | 4
Slide 6: A premier portfolio positioned for long-term growth
SELECT BPPEH INVESTMENTS HIGHLY CONFIDENTIAL & TRADE SECRET BPPEH A premier portfolio positioned for long-term growth Note: Clockwise from top right: Northampton, U.K.; Stockholm, Sweden; Amsterdam, Netherlands; Dublin, Ireland; Braband, Denmark. See “Important Disclosure Information,” including “Im
Slide 7: Blackstone is the world's largest owner of commercial real estate
BLACKSTONE REAL ESTATE SNAPSHOT HIGHLY CONFIDENTIAL & TRADE SECRET Blackstone is the world’s largest owner of commercial real estate BREP Core+ BREDS Global opportunistic Income-producing, substantially Global performing real estate debt real estate stabilised, global real estate and securities $120
Slide 8: Capitalising on insights and information advantage as largest owner of commercial real estate globally
POWER OF THE PLATFORM HIGHLY CONFIDENTIAL & TRADE SECRET Capitalising on insights and information advantage as largest owner of commercial real estate globally Portfolio Information $618B POWERFUL NETWORK EFFECT 62 Blackstone Real Estate TEV (1) portfolio companies globally with ~100k employees Scal
Slide 9: Premier, multinational team with reach across Europe
OUR REAL ESTATE BUSINESS IN EUROPE HIGHLY CONFIDENTIAL & TRADE SECRET Premier, multinational team with reach across Europe 194 professionals 43 nationalities and 34 languages spoken 24k portfolio company employees €126B Blackstone HQ TEV portfolio (1) Portfolio Company Offices Note: There can be no
Slide 10: BPPEH invests in high-quality, well-located Core+ real estate assets across Europe
OVERVIEW OF BPPEH HIGHLY CONFIDENTIAL & TRADE SECRET BPPEH invests in high-quality, well-located Core+ real estate assets across Europe Key Stats Focused on high-quality, substantially stabilised assets in major European markets and key gateway cities – 58% of the portfolio is in logistics, one of
Slide 11: Portfolio overweight to our high-conviction investment themes
BPPEH PORTFOLIO OVERVIEW HIGHLY CONFIDENTIAL & TRADE SECRET Portfolio overweight to our high-conviction investment themes Sector Allocation Geographic Allocation Poland Spain 2% 1% Switzerland Ireland <1% 3% Other(1) 7% Italy 7% Office 13% Nordics(2) 9% UK 37% Logistics Netherlands Residential 58% 1
Slide 12: A premier portfolio positioned for long-term performance
PORTFOLIO BUILT FOR TODAY’S ENVIRONMENT HIGHLY CONFIDENTIAL & TRADE SECRET A premier portfolio positioned for long-term performance What Investors Want What BPPEH Offers High-conviction sectors with 58% concentrated in logistics solid fundamentals European logistics supply expected to decline ~45% i
Slide 13: 2025 Highlights
HIGHLY CONFIDENTIAL & TRADE SECRET 2025 Highlights Blackstone Property Partners Europe Holdings Blackstone | 12
Slide 14: High-quality portfolio continues to deliver strong performance with embedded growth potential
STRONG PERFORMANCE WITH OPERATIONAL UPSIDE POTENTIAL HIGHLY CONFIDENTIAL & TRADE SECRET High-quality portfolio continues to deliver strong performance with embedded growth potential Strong Operating Opportunity to Capture Performance Reversionary Potential +5% 19% YoY NOI growth MTM opportunity (1)
Slide 15: Thematic investment approach and active asset management driving value creation
ASSET MANAGEMENT INITIATIVES HIGHLY CONFIDENTIAL & TRADE SECRET Thematic investment approach and active asset management driving value creation Logistics Residential (58% of GAV) (21% of GAV) 648 units refurbished LTM +9% YoY NOI growth Office 323k sqm +14% (13% of GAV) 19k sqm leases signed LTM avg
Slide 16: Asset management spotlight: Milan office
ASSET MANAGEMENT SPOTLIGHT: MILAN OFFICE HIGHLY CONFIDENTIAL & TRADE SECRET Achieved significant NOI growth on irreplaceable mixed-use asset in Milan through asset management Investment Highlights High-quality 14k sqm asset comprised of office, residential and retail space located along Via Verdi
Slide 17: Continued to rotate out of stabilised / lower growth assets
2025 DISPOSITIONS HIGHLY CONFIDENTIAL & TRADE SECRET Continued to rotate out of stabilised / lower growth assets, with €1.5B GAV of dispositions completed in 2025 Key Metrics(1) 2025 Disposition Highlights (1) €1.5B €1.0B GAV(2) Logistics 34 assets asset sales in 2025 (2) ~30% NOI growth over hold 3
Slide 18: Maintaining robust capital structure through market cycles
CAPITAL STRUCTURE MANAGEMENT HIGHLY CONFIDENTIAL & TRADE SECRET Maintaining robust capital structure through market cycles What We Did Over LTM Resulting In… Upsized €800M RCF + signed €2.3B soft committed unsecured bank facilities €1.7B Available Liquidity + €2.3B Additional Liquidity (covers matur
Slide 19: Portfolio Overview
HIGHLY CONFIDENTIAL & TRADE SECRET Portfolio Overview Blackstone Property Partners Europe Holdings Blackstone | 18
Slide 20: Logistics Portfolio
LOGISTICS PORTFOLIO HIGHLY CONFIDENTIAL & TRADE SECRET Paris, France Rennerod, Germany Pennala, Finland Glasgow, U.K. Note: See “Important Disclosure Information,” including “Logos.” Blackstone Property Partners Europe Holdings Blackstone | 19
Slide 21: High-quality logistics portfolio located in major European markets
LOGISTICS PORTFOLIO (58% OF GAV) HIGHLY CONFIDENTIAL & TRADE SECRET High-quality logistics portfolio located in major European markets Key Metrics Geographic Allocation Spain Italy 2% 2% €6.0B 6.4yr Netherlands 4% Poland Switzerland 1% Sector GAV WALL 4% Germany 7% 91% +14% Nordics UK occupancy; avg
Slide 22: Logistics market: long-term fundamentals remain intact
LOGISTICS MARKET HIGHLY CONFIDENTIAL & TRADE SECRET Despite moderating rental growth, long-term fundamentals underpinning the sector remain intact Long-Term, Secular Tailwinds Prime Logistics Rents — Significant Room to Run in Key Markets(1) New supply declining sharply Europe supply expected to dec
Slide 23: Residential Portfolio
RESIDENTIAL PORTFOLIO HIGHLY CONFIDENTIAL & TRADE SECRET Portsmouth, UK Amsterdam, Netherlands Amsterdam, Netherlands Berlin, Germany Berlin, Germany Note: See “Important Disclosure Information,” including “Logos.” Blackstone Property Partners Europe Holdings Blackstone | 22
Slide 24: Prime residential portfolio concentrated in Berlin and Amsterdam
RESIDENTIAL PORTFOLIO (21% OF GAV) HIGHLY CONFIDENTIAL & TRADE SECRET Prime residential portfolio concentrated in Berlin and Amsterdam Key Metrics Geographic Allocation Rotterdam Utrecht €2.2B 6.7k 2% 1% Other Germany (2) 4% Sector GAV residential units Milan 7% UK 98% +9% 7% Berlin Occupancy (1) LT
Slide 25: Berlin and Amsterdam residential markets remain strong
RESIDENTIAL MARKET HIGHLY CONFIDENTIAL & TRADE SECRET Berlin and Amsterdam residential markets remain strong with supply-demand imbalance, driving continued rental growth Frictional Vacancy (1) Strong Rent Growth (1) Residential Vacancy (%) YoY Average Rent Growth (%) 16% 12% 11% 10% 10% 0.9% 0.8% 5
Slide 26: Office Portfolio
OFFICE PORTFOLIO HIGHLY CONFIDENTIAL & TRADE SECRET Berlin, Germany Milan, Italy Dublin, Ireland Berlin, Germany Note: See “Important Disclosure Information,” including “Logos.” Blackstone Property Partners Europe Holdings Blackstone | 25
Slide 27: 13 high-quality office assets located in seven prime cities across Europe
OFFICE PORTFOLIO (13% OF GAV) HIGHLY CONFIDENTIAL & TRADE SECRET 13 high-quality office assets located in seven prime cities across Europe Key Metrics Geographic Allocation Stockholm €1.4B 191k 7% Sector GAV square metres Rome 9% Dublin 20% 92% 10% Paris 13% PF occupancy (1) ; MTM opportunity Milan
Slide 28: Flight to quality benefitting European office assets in prime markets
OFFICE MARKET HIGHLY CONFIDENTIAL & TRADE SECRET Flight to quality benefitting European office assets located in prime markets Location Matters (1) BPPEH Office Highlights Prime Rents (€psm p.a.) €1,027 Re-Leasing Spreads 44% 51% higher LTM re-leasing spreads (on 19k sqm) €713 Sustainability-Related
Slide 29: Capital Structure Summary
HIGHLY CONFIDENTIAL & TRADE SECRET Capital Structure Summary Blackstone Property Partners Europe Holdings Blackstone | 28
Slide 30: Robust capital structure consisting primarily of unsecured notes
CAPITAL STRUCTURE (AS OF DECEMBER 31, 2025) HIGHLY CONFIDENTIAL & TRADE SECRET Robust capital structure consisting primarily of unsecured notes Key Metrics Capital Structure Summary(1) As of December 31, 2025 €M 41% BBB Unsecured Notes 4,210 Unsecured Bank Facilities – net LTV S&P credit rating Revo
Slide 31: Strong debt profile consisting primarily of fixed rate unsecured debt
DEBT SUMMARY (PRO FORMA) (1) HIGHLY CONFIDENTIAL & TRADE SECRET Strong debt profile consisting primarily of fixed rate unsecured debt Debt by Fixed vs. Secured vs. Debt by Type Floating (2) Unsecured Currency Mortgage Loans Floating Secured 6% 6% GBP 13% 19% Floatin g 12.6% Unsecured Fixed Fixed Uns
Slide 32: BPPEH has sufficient liquidity to address maturities into 2028
DEBT MATURITY PROFILE (PRO FORMA) (1) HIGHLY CONFIDENTIAL & TRADE SECRET BPPEH has sufficient liquidity to address maturities into 2028(1) €1.7B available liquidity + €2.3B of soft committed unsecured bank facilities €1,210 (1) €1,100 €655 (3) €650 (1) €600 €600 €344 (2) 2026 2027 2028 2029 2030 203
Slide 33: Sustainability Program
HIGHLY CONFIDENTIAL & TRADE SECRET Sustainability Program Blackstone Property Partners Europe Holdings Blackstone | 32
Slide 34: Action-oriented global sustainability program drives value
BLACKSTONE’S SUSTAINABILITY FOCUS ENHANCES VALUE HIGHLY CONFIDENTIAL & TRADE SECRET Action-oriented global sustainability program drives value Integration of PRI Data Collection Reinforcing Sustainability signatory supports monitoring of sustainability practices (1) Good key to building resilient co
Slide 35: Sustainability Snapshot
SUSTAINABILITY SNAPSHOT HIGHLY CONFIDENTIAL & TRADE SECRET Enhancing value through sustainability initiatives Logistics Residential Office 7.8 MW 43% 96% of on-site installed solar capacity, of Dutch residential units have of office portfolio has obtained a equivalent to powering 1.3k+ achieved an e
Slide 36: Sustainability Snapshot (Cont'd)
SUSTAINABILITY SNAPSHOT (CONT’D) HIGHLY CONFIDENTIAL & TRADE SECRET Engagement with recognised industry leaders to better understand and benchmark BPPEH’s sustainability profile Sustainalytics ESG Risk Rating Other Industry Participation (1) 13.4 / Low Risk ESG Risk Rating(2) 25th percentile within
Slide 37: Existing €500M Green Bond fully allocated in accordance with Green Financing Framework
GREEN BOND USE OF PROCEEDS HIGHLY CONFIDENTIAL & TRADE SECRET Existing €500M Green Bond fully allocated in accordance with the Green Financing Framework(1) Allocation of 1.625% Green Notes Due 2030 Acquisition Green Building Burlington Plaza A Property Sector Country Year Certification Dublin, Irela
Slide 38: 100% of proceeds allocated to Green Buildings
GREEN BOND USE OF PROCEEDS (CONT’D) HIGHLY CONFIDENTIAL & TRADE SECRET 100% of proceeds(1) allocated to Green Buildings with at least Very Good or Gold certificates(2) By Certification By Sector By Geography DGNB Gold 4% Logistics Spain Italy 5% 4% 9% France BREEAM 19% Germany Very Good BREEAM 37% 3
Slide 39: Concluding Summary
HIGHLY CONFIDENTIAL & TRADE SECRET Concluding Summary Blackstone Property Partners Europe Holdings Blackstone | 38
Slide 40: Key Takeaways
KEY TAKEAWAYS HIGHLY CONFIDENTIAL & TRADE SECRET High-Quality, 58% invested in logistics 1 Diversified Portfolio 66% in the UK, Germany, and France Strong Operating +5% YoY NOI growth 2 Performance with 19% MTM opportunity (1) Reversionary Potential Prudent Leverage 41% net LTV 3 Management €650M bo
Slide 41: Appendix: Supplemental Materials
HIGHLY CONFIDENTIAL & TRADE SECRET Appendix: Supplemental Materials Blackstone Property Partners Europe Holdings Blackstone | 40
Slide 42: Wholly owned by BPPE, an open-ended investment vehicle
BPPEH STRUCTURE HIGHLY CONFIDENTIAL & TRADE SECRET Wholly owned by BPPE, an open-ended investment vehicle Simplified Structure Chart Open-ended investment vehicle Ability to hold regular closings, providing Limited additional capital Partners (“L.P.”) BPPE Prudent financial policy G.P. / – Lev
Slide 43: Mark-to-market opportunity provides meaningful reversionary potential
PORTFOLIO VALUATION HIGHLY CONFIDENTIAL & TRADE SECRET Mark-to-market opportunity provides meaningful reversionary potential Trailing NOI Yield (Dec’24) MTM NOI Yield (Dec’24) Trailing NOI Yield (Dec’25) MTM NOI Yield (Dec’25) Highlights 5.5% 5.6% 5.4% 5.3% 5.5% 5.2% 5.1% 5.5% 4.6% MTM NOI yield (1)
Slide 44: Key Metrics
KEY METRICS HIGHLY CONFIDENTIAL & TRADE SECRET Logistics Residential Office Total / Weighted Average (1) Number of Assets 176 519 13 709 GLA (k sqm) 3,450 490 191 4,142 GAV (€M) (2) 6,006 2,210 1,373 10,364 Occupancy 91% 98% (3) 88% 91% WALL (Yrs) 6.4 N/A 3.1 5.7 (4) Trailing NOI Yield (5) 4.3% 3.5%
Slide 45: Definitions
DEFINITIONS HIGHLY CONFIDENTIAL & TRADE SECRET Term Definition Adjusted NOI NOI annualised and adjusted to exclude annualised rent abatements and non-recurring items and include rental guarantees provided by the sellers. Investments sold during the period are excluded and investments acquired during
Slide 46: Definitions (Cont'd)
DEFINITIONS (CONT’D) HIGHLY CONFIDENTIAL & TRADE SECRET Term Definition MTM NOI Yield Represents estimated stabilised marked-to-market NOI calculated as the sum of (a) estimated next 12 months NOI and (b) estimated additional NOI increases driven by (i) lease up to stabilised occupancy at current ac
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