Leonard Green sells minority stake to Blackstone

The talks follow failed takeover negotiations last year that involved H&R, Blackstone, TPG and Crestpoint Real Estate Investments.

As GP-led secondaries scale to record levels, top investors are flagging a widening gap between trophy assets and weaker deals, even as new financing tools like CFOs further blur the line between sale and securitization.

The transaction would generate liquidity for investors in a fund managed by Blackstone Strategic Partners.