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Blackstone — Blackstone Property Partners Europe Holdings — Debt Investor Presentation (September 2025)
43 slides from Blackstone's debt investor presentation, September 2025
Slide 1: Blackstone Property Partners Europe Holdings Investor Presentation
Blackstone Property Partners Europe Holdings Investor Presentation SEPTEMBER 2025 Blackstone Property Partners Europe Holdings
Slide 2: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) This document has been prepared by Blackstone Property Partners Europe Holdings S.à r.l. (“BPPEH”, the “Issuer”) solely for informational purposes, and presents the combined results and related information of the Issuer, BPPE Condor 2 SCSp, UK Master REIT LP
Slide 3: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) Sustainability. Sustainability-related initiatives (the “Sustainability Initiatives”) described in this Presentation related to Blackstone's portfolio, portfolio companies, and investments (collectively, “portfolio companies”) are aspirational and not guaran
Slide 4: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) Fund Definitions. As used herein, each reference to a specific BREP or BREDS fund also includes any parallel or alternative vehicles formed in connection therewith, any supplemental capital vehicles formed in connection with any investments made thereby, any
Slide 5: BPPEH Overview
BPPEH Overview Blackstone Property Partners Europe Holdings Blackstone | 4
Slide 6: A premier portfolio positioned for long-term growth
SELECT BPPEH INVESTMENTS BPPEH A premier portfolio positioned for long-term growth Clockwise from top right: Siegen, Germany; Berlin, Germany; Milan, Italy; Amsterdam, Netherlands; Northampton, UK. See “Important Disclosure Information”, including “Images” and “Logos”. Blackstone Property Partners E
Slide 7: Blackstone is the world's largest owner of commercial real estate
BLACKSTONE REAL ESTATE SNAPSHOT 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 stabilized, global real estate and securities $126B investor capital $122B investor c
Slide 8: Capitalising on insights and information advantage as largest owner of commercial real estate
POWER OF THE PLATFORM Capitalising on insights and information advantage as largest owner of commercial real estate globally Portfolio Information $611B POWERFUL NETWORK EFFECT 60 Blackstone Real Estate TEV(1) portfolio companies globally with 100k+ employees Scale Connected 12k+ BENEFITING 1 assets
Slide 9: Premier, multinational team with reach across Europe
OUR BUSINESS IN EUROPE Premier, multinational team with reach across Europe 196 professionals 44 nationalities and 35 languages spoken 34k+ portfolio company employees €123B Blackstone HQ TEV portfolio(1) Portfolio Company Offices Note: There can be no assurance that committed but not yet closed tra
Slide 10: BPPEH invests in high-quality, well-located Core+ real estate assets across Europe
OVERVIEW OF BPPEH 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 €11.2B – 61% of the portfolio is in logistics, one of Blackstone’s highest convic
Slide 11: Portfolio overweight to our high conviction investment themes
BPPEH PORTFOLIO OVERVIEW Portfolio overweight to our high conviction investment themes Sector Allocation Geographic Allocation Ireland Switzerland Poland 3% Spain <1% Other (1) 3% 1% 7% Italy 6% Office 12% Nordics (2) 9% UK 36% Netherlands Residential Logistics 11% 20% 61% France 11% Germany 20% Not
Slide 12: A premier portfolio positioned for long-term performance
PORTFOLIO BUILT FOR TODAY’S ENVIRONMENT A premier portfolio positioned for long-term performance What Investors Want What BPPEH Offers High-conviction sectors with 61% concentrated in logistics solid fundamentals European logistics supply expected to decline ~45% in ‘25-‘26(1) +7% YoY NOI growth Str
Slide 13: Lower inflation and interest rates provide a positive backdrop for European real estate
IMPROVING INVESTMENT ENVIRONMENT Lower inflation and interest rates provide a positive backdrop for European real estate Euro Area Headline CPI(1) ECB Benchmark Rate(2) 12% 10.6% 4.00% 10% 860 -200 8% bps bps 6% 2.00% 4% 2.0% 2% 0% 2021 2022 2023 2024 2025 Q4'23 Today Note: See “Important Disclosure
Slide 14: H1 2025 Highlights
H1 2025 Highlights Blackstone Property Partners Europe Holdings Blackstone | 13
Slide 15: High quality portfolio continues to deliver strong performance with operational upside potential
STRONG PERFORMANCE WITH OPERATIONAL UPSIDE POTENTIAL High quality portfolio continues to deliver strong performance with operational upside potential Strong Operating Opportunity to Capture Performance Reversionary Potential +5% 17% YoY LfL rent psm growth MTM opportunity(1) +7% 90%+ YoY NOI growth
Slide 16: Thematic investment approach and active asset management driving value creation
ASSET MANAGEMENT INITIATIVES Thematic investment approach and active asset management driving value creation Logistics Residential (61% of GAV) (20% of GAV) 751 units refurbished LTM +11% YoY NOI growth Office 260k sqm +17% (12% of GAV) 10k sqm leases signed LTM avg. re-leasing spread LTM leases sig
Slide 17: H1 2025 Dispositions
H1 2025 DISPOSITIONS Rotated out of stabilised / lower growth assets, including two office assets following completion of asset management plans Key Metrics(1) H1 2025 Disposition Highlights Barcelona Office Asset €725M ▪ Sale of stabilised Barcelona office asset for €225M, marking city’s second lar
Slide 18: Strong capital structure with significant liquidity
CAPITAL STRUCTURE MANAGEMENT Strong capital structure with significant liquidity Prudent Leverage ▪ 42% net LTV as of Q2’25 Management ▪ €0.7B of bonds repaid YTD (Jul’25 and Oct’25 notes)(2) Well-Positioned for ▪ 100% fixed rate debt and 2.0% weighted average interest rate(1) Current Environment ▪
Slide 19: Portfolio Overview
Portfolio Overview Blackstone Property Partners Europe Holdings Blackstone | 18
Slide 20: Logistics Portfolio
LOGISTICS PORTFOLIO Northampton, UK Berlin, Germany Nijmegen, Netherlands Paris, France 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 (61% OF GAV) High-quality logistics portfolio located in major European markets Key Metrics Geographic Allocation Italy Spain Poland Switzerland 1% 1% 4% 1% €6.8B 6.2Y Netherlands 5% Sector GAV WALL Germany 11% UK 46% 93% +7% (1) Nordics 14% occupancy LTM NOI growth France 15% No
Slide 22: UK / Europe logistics fundamentals remain intact
UK / EUROPE LOGISTICS Despite moderating rental growth, long term fundamentals underpinning the sector remain intact Long Term, Secular Tailwinds(1) Prime Logistics Rents – Significant Room to Run in Key Markets(1) $19 psf New supply declining sharply Europe supply expected to decline ~45% in ‘25-‘2
Slide 23: Residential Portfolio
RESIDENTIAL PORTFOLIO Portsmouth, UK Amsterdam, Netherlands Amsterdam, Netherlands Berlin, Germany Milan, Italy 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 (20% OF GAV) Prime residential portfolio concentrated in Berlin and Amsterdam Key Metrics Geographic Allocation Rotterdam Utrecht Other Germany (2) 3% 1% 4% €2.3B 6.9K Milan 6% Sector GAV residential units UK 11% Berlin 42% 99% (1) +11% Amsterdam 33% occupancy LTM NOI growth No
Slide 25: Office Portfolio
OFFICE PORTFOLIO Milan, Italy Berlin, Germany Dublin, Ireland Paris, France Note: See “Important Disclosure Information” including “Logos”. Blackstone Property Partners Europe Holdings Blackstone | 24
Slide 26: 13 high-quality office assets located in seven prime cities across Europe
OFFICE PORTFOLIO (12% OF GAV) 13 high-quality office assets located in seven prime cities across Europe Key Metrics Geographic Allocation Stockholm 7% €1.3B 191K Sector GAV square metres Rome Dublin 9% 21% Paris 14% Berlin 89% 10% Munich 14% 19% occupancy; MTM opportunity Milan 92% PF occupancy(1) 1
Slide 27: Flight to quality benefitting European office assets in prime markets
OFFICE MARKET Flight to quality benefitting European office assets located in prime markets Location Matters(1) BPPEH Office Highlights Prime / Average Rents (€psm p.a.) Re-Leasing Spreads €2,132 22% LTM re-leasing spreads (on 10k sqm) €1,250 €952 €823 Sustainability-Related Initiatives 97% office p
Slide 28: Capital Structure Summary
Capital Structure Summary Blackstone Property Partners Europe Holdings Blackstone | 27
Slide 29: Robust capital structure consisting primarily of unsecured notes
CAPITAL STRUCTURE (AS OF 30-JUN-25) Robust capital structure consisting primarily of unsecured notes Key Metrics Capital Structure Summary(2) WAM As of June 30, 2025 €M (years)(1) 42% BBB (3) Unsecured Notes 4,355 3.3 Unsecured Bank Facilities – – net LTV S&P credit rating Revolving Credit Facility
Slide 30: Strong debt profile consisting primarily of fixed rate unsecured debt
DEBT SUMMARY (AS OF 30-JUN-25) Strong debt profile consisting primarily of fixed rate unsecured debt Debt by Fixed vs. Secured vs. Debt by Type Floating(1) Unsecured Currency Floating Mortgage <1% Secured Loans 18% 18% GBP 22% Unsecured EUR Fixed Unsecured 78% Notes 82% 100% 82% Note: GBP balances c
Slide 31: Debt maturity profile (pro forma)
DEBT MATURITY PROFILE (PRO FORMA) (1) BPPEH has sufficient liquidity to address maturities through 2027, with no debt maturities until October 2026 No debt maturities until October 2026 €1,533 €1,405 €1.3B+ available liquidity + €2.3B of soft committed unsecured bank facilities (3) €600 €600 €655 €3
Slide 32: Sustainability Programme
Sustainability Programme Blackstone Property Partners Europe Holdings Blackstone | 31
Slide 33: Action-oriented global sustainability program drives value
BLACKSTONE’S SUSTAINABILITY FOCUS ENHANCES VALUE Action-oriented global sustainability program drives value Reinforcing Integration of Data collection Good Sustainability PRI supports monitoring signatory Governance key to building resilient companies of sustainability practices(1) 1,600+ 15 1,500+
Slide 34: Sustainability Snapshot
SUSTAINABILITY SNAPSHOT Enhancing value through sustainability initiatives Logistics Residential Office 11.4 MW 39% 97% of on-site installed solar capacity, of Dutch residential units have of office portfolio has obtained a equivalent to powering 1.9k+ homes achieved an energy rating of B or green b
Slide 35: ESG Snapshot (Cont'd)
ESG SNAPSHOT (CONT’D) Engagement with recognised industry leaders to better understand and benchmark BPPEH’s ESG profile Sustainalytics ESG Risk Rating Other Industry Participation(1) 13.4 / Low Risk ESG Risk Rating(2) 25th percentile within Real Estate Industry Note: There can be no assurance that
Slide 36: Concluding Summary
Concluding Summary Blackstone Property Partners Europe Holdings Blackstone | 35
Slide 37: Key Takeaways
KEY TAKEAWAYS High-Quality, 61% invested in logistics 1 Diversified Portfolio 67% in the UK, Germany and France Strong Operating +7% YoY NOI growth 2 Performance with 17% MTM opportunity(1) Reversionary Potential Prudent Leverage 42% net LTV 3 Management No maturities until October 2026(2) €1.3B+ of
Slide 38: Appendix: Supplemental Materials
Appendix: Supplemental Materials Blackstone Property Partners Europe Holdings Blackstone | 37
Slide 39: Wholly owned by BPPE, an open-ended investment vehicle
BPPEH STRUCTURE Wholly owned by BPPE, an open-ended investment vehicle Simplified Structure Chart ▪ Open-ended investment vehicle Limited ▪ Ability to hold regular closings, providing Partners (“L.P.”) additional capital BPPE G.P. / Manager ▪ Prudent financial policy – Leverage limit of 50%(3) – No
Slide 40: Mark-to-market opportunity provides meaningful reversionary potential
PORTFOLIO VALUATION Mark-to-market opportunity provides meaningful reversionary potential Highlights 5.6% 5.5% 5.5% 5.5% 5.2% 5.3% 4.8% 4.6% 4.9% 5.5% 4.2% 4.4% 4.4% 4.0% 4.2% MTM NOI yield(1) 3.4% 3.1% 17% MTM opportunity(2) (1) Logistics Residential Office Weighted Average Trailing NOI Yield (Dec-
Slide 41: Key Metrics
KEY METRICS (1) Logistics Residential Office Total / Weighted Avg. Number of Assets # 198 523 13 735 GLA kSQM 3,983 546 191 4,699 GAV(2) €M 6,799 2,288 1,320 11,180 (3) Occupancy % 93% 99% 89% 93% WALL Years 6.2 n/a 3.4 5.6 (4) Trailing NOI Yield(5) % 4.4% 3.4% 4.9% 4.2% MTM NOI Yield(6) % 5.6% 4.8%
Slide 42: Definitions
DEFINITIONS Term Definition NOI annualised and adjusted to exclude annualised rent abatements and non-recurring items and include rental guarantees provided by the sellers. Adjusted NOI Investments sold during the period are excluded and investments acquired during the period are included Blackstone
Slide 43: Definitions (Cont'd)
DEFINITIONS (CONT’D) Term Definition Represents estimated stabilised marked-to-market NOI calculated as the sum of (a) estimated next twelve months NOI and (b) estimated additional NOI increases driven by (i) lease up to stabilised occupancy at current achievable market rent levels (if not already s
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