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Blackstone — Blackstone Property Partners Europe Holdings — Debt Investor Presentation (September 2026)
45 slides from Blackstone's debt investor presentation, September 2026
Slide 1: Blackstone Property Partners Europe Holdings Investor Presentation
HIGHLY CONFIDENTIAL & TRADE SECRET Blackstone Property Partners Europe Holdings Investor Presentation SEPTEMBER 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 bjectives 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: Lahti, Finland; Berlin, Germany; Amsterdam, Netherlands; Milan, Italy; Paris, France. See “Important Disclosure Information,” including “Images.” Blac
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 $114
Slide 8: Capitalising on insights and information advantage as largest owner of commercial real estate
POWER OF THE PLATFORM HIGHLY CONFIDENTIAL & TRADE SECRET Capitalising on insights and information advantage as largest owner of commercial real estate globally Portfolio Information $611B POWERFUL NETWORK EFFECT 63 Blackstone Real Estate TEV portfolio companies globally with ~100k employees Scale Co
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 187 professionals 42 nationalities and 34 languages spoken 35k portfolio company employees €124B 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 – 57% 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) 8% Italy 7% Office 12% Nordics(2) 8% UK 39% Logistics France 57% 9% Residential 23%
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 57% concentrated in logistics solid fundamentals European logistics supply expected to decline ~45% i
Slide 13: H1 2026 Highlights
HIGHLY CONFIDENTIAL & TRADE SECRET H1 2026 Highlights Blackstone Property Partners Europe Holdings Blackstone | 12
Slide 14: High-quality portfolio continues to deliver resilient operating performance
RESILIENT PERFORMANCE WITH OPERATIONAL UPSIDE POTENTIAL HIGHLY CONFIDENTIAL & TRADE SECRET High-quality portfolio continues to deliver resilient operating performance with embedded growth potential Resilient Operating Opportunity to Capture Performance Reversionary Potential +5% 18% YoY NOI growth M
Slide 15: Thematic investment approach and active asset management driving income growth
ASSET MANAGEMENT INITIATIVES HIGHLY CONFIDENTIAL & TRADE SECRET Thematic investment approach and active asset management driving income growth Logistics Residential (57% of GAV) (23% of GAV) 750 units refurbished LTM +6% YoY NOI growth Office (12% of GAV) 286k sqm +14% 15k sqm leases signed LTM avg.
Slide 16: Valuations declined -7.8% driven by macroeconomic uncertainty
H1 2026 VALUATION DRIVERS HIGHLY CONFIDENTIAL & TRADE SECRET Valuations declined -7.8% driven by macroeconomic uncertainty, rising interest rate expectations, and their impact on specific sub-sectors and geographies H1’26 GAV Bridge Key Valuation Drivers (€ millions) €10,364 €52 €31 (€279) ▪ Certain
Slide 17: H1 2026 Dispositions
H1 2026 DISPOSITIONS HIGHLY CONFIDENTIAL & TRADE SECRET Continued to rotate out of stabilised / lower growth assets, with €260M+ GAV of dispositions completed in H1 2026 Key Metrics (1) H1 2026 Disposition Highlights Rome Office Portfolio ▪ Sale of 2 adjacent stabilised Rome office assets for €75M €
Slide 18: H2 2026 Dispositions
H2 2026 DISPOSITIONS HIGHLY CONFIDENTIAL & TRADE SECRET Additional €460M+ dispositions closed since H1 2026, and in advanced discussions on further assets Logistics Dispositions Residential Disposition ▪ Sale of 12 stabilised / lower growth logistics ▪ Sale of 344 single family rental homes in asset
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 Amsterdam, Netherlands Lichfield, U.K. Marly, France Wroclaw, Poland 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 (57% OF GAV) HIGHLY CONFIDENTIAL & TRADE SECRET High-quality logistics portfolio located in major European markets Key Metrics Geographic Allocation Italy 2% Spain €5.3B 6.4Y Netherlands 2% 4% Switzerland 1% Sector GAV WALL Poland 4% Germany 88% +14% 7% occupancy avg. re-leasing
Slide 22: Logistics Market
LOGISTICS MARKET HIGHLY CONFIDENTIAL & TRADE SECRET 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) New supply declining sharply Europe supply expected t
Slide 23: Residential Portfolio
RESIDENTIAL PORTFOLIO HIGHLY CONFIDENTIAL & TRADE SECRET Amsterdam, Netherlands Milan, Italy 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 (23% OF GAV) HIGHLY CONFIDENTIAL & TRADE SECRET Prime residential portfolio concentrated in Berlin and Amsterdam Key Metrics Geographic Allocation Rotterdam €2.2B 6.7k 2% Utrecht Other Germany (2) 1% 3% Sector GAV residential units Milan 7% UK 98% +6% 8% Berlin 41% Occupancy (1
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 Driving Rent Growth (1)(2) Residential Vacancy (%) 1.0% 0.8% 0.5% 0.3% 2021 Q2 2026 2021 Q2 2026 Amsterdam Ber
Slide 26: Office Portfolio
OFFICE PORTFOLIO HIGHLY CONFIDENTIAL & TRADE SECRET Berlin, Germany Dublin, Ireland Milan, Italy Paris, France Note: See “Important Disclosure Information,” including “Logos.” Blackstone Property Partners Europe Holdings Blackstone | 25
Slide 27: Primarily high-quality office assets in seven prime cities across Europe
OFFICE PORTFOLIO (12% OF GAV) HIGHLY CONFIDENTIAL & TRADE SECRET Primarily high-quality office assets located in seven prime cities across Europe Key Metrics Geographic Allocation Stockholm 6% Rome €1.1B 181k 3% Sector GAV square metres Paris 9% Milan 25% 91% +8% Munich 15% occupancy YoY NOI growth
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.) Re-Leasing Spreads €1,027 ~45% 55% higher LTM re-leasing spreads (on 15k sqm) €713 Sustainability-Relate
Slide 29: Capital Structure Summary
HIGHLY CONFIDENTIAL & TRADE SECRET Capital Structure Summary Blackstone Property Partners Europe Holdings Blackstone | 28
Slide 30: Robust capital structure with net LTV of 45% / 43% PF
CAPITAL STRUCTURE (AS OF JUNE 30, 2026) HIGHLY CONFIDENTIAL & TRADE SECRET Robust capital structure with net LTV of 45% / 43% PF (1) on current valuation, following H1’26 valuation movement Key Metrics Capital Structure Summary (2) As of June 30, 2026 €M 45%/43% BBB Unsecured Notes(3) 4,271 Unsecure
Slide 31: Strong debt profile consisting primarily of fixed rate unsecured debt
DEBT SUMMARY HIGHLY CONFIDENTIAL & TRADE SECRET Strong debt profile consisting primarily of fixed rate unsecured debt Debt by Fixed vs. Secured vs. Debt by Type Floating (1) Unsecured Currency RCF 2% Secured Floating Mortgage Loans 6% GBP 16% 6% 22% Unsecured Fixed Unsecured EUR Notes 84% 94% 78% 92
Slide 32: BPPEH has sufficient liquidity to address maturities into 2028
DEBT MATURITY PROFILE HIGHLY CONFIDENTIAL & TRADE SECRET BPPEH has sufficient liquidity to address maturities into 2028 No debt maturities until April 2027 €1.1B available liquidity + €2.3B of soft committed unsecured bank facilities €1,199 €1,100 €735(1) €600 €650 €348 - 2026 2027 2028 2029 2030 20
Slide 33: Sustainability Programme
HIGHLY CONFIDENTIAL & TRADE SECRET Sustainability Programme Blackstone Property Partners Europe Holdings Blackstone | 32
Slide 34: Action-oriented global sustainability programme drives value
BLACKSTONE’S SUSTAINABILITY FOCUS ENHANCES VALUE HIGHLY CONFIDENTIAL & TRADE SECRET Action-oriented global sustainability programme drives value Integration of PRI Data Collection Reinforcing Sustainability signatory supports monitoring of sustainability practices (1) Good encouraging resilient comp
Slide 35: Sustainability Snapshot
SUSTAINABILITY SNAPSHOT HIGHLY CONFIDENTIAL & TRADE SECRET Enhancing value through sustainability initiatives Logistics Residential Office 6.4 MW 46% 95% of on-site installed solar capacity, of Dutch residential units have of office portfolio has obtained a equivalent to powering 1.1k+ achieved an e
Slide 36: Engagement with recognised industry leaders on sustainability profile
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) 15.3 / Low Risk ESG Risk Rating(2) 36th percentile within
Slide 37: Concluding Summary
HIGHLY CONFIDENTIAL & TRADE SECRET Concluding Summary Blackstone Property Partners Europe Holdings Blackstone | 36
Slide 38: Key Takeaways
KEY TAKEAWAYS HIGHLY CONFIDENTIAL & TRADE SECRET High-Quality, 1 Diversified Portfolio 57% invested in logistics 66% in the U.K., Germany, and France Strong Operating 2 Performance with +5% YoY NOI growth 18% MTM opportunity (1) Reversionary Potential 3 Prudent Leverage Management 45% /43% net LTV /
Slide 39: Appendix: Supplemental Materials
HIGHLY CONFIDENTIAL & TRADE SECRET Appendix: Supplemental Materials Blackstone Property Partners Europe Holdings Blackstone | 38
Slide 40: 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 41: 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-25) MTM NOI Yield (Dec-25) Trailing NOI Yield (Jun-26) MTM NOI Yield (Jun-26) Highlights 6.1% 6.0% 5.9% 5.6% 5.4% 5.5% 5.4% 5.1% 5.9% 5.7% 4.7% 4.7% 4.
Slide 42: Portfolio Valuation – 2022 to 2025
PORTFOLIO VALUATION – 2022 TO 2025 HIGHLY CONFIDENTIAL & TRADE SECRET Until last year strong NOI growth (~6% avg. p.a.) largely offset cap rate expansion, resulting in -1% valuation decline p.a. (1) between 2022 – 2025 Avg. Avg. Cap Rate % of H1’26 GAV NOI Growth p.a.(2) Expansion p.a.(2) Logistics
Slide 43: Key Metrics
KEY METRICS HIGHLY CONFIDENTIAL & TRADE SECRET Logistics Residential Office Total / Weighted Average (1) Number of Assets 166 519 11 698 GLA (k sqm) 3,321 488 181 4,001 GAV (€M) (2) 5,347 2,159 1,133 9,382 Occupancy 88% 98% (3) 91% 89% WALL (Yrs) 6.4 N/A 3.6 5.8 (4) Trailing NOI Yield (5) 4.7% 3.6%
Slide 44: 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 durin
Slide 45: 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 a
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