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Blackstone is deploying capital because it sees the current environment as ideal, according to Kathleen McCarthy, its global co-head of real estate. “We feel like there’s a bottoming happening…and there’s no V-shape recovery. It’s not going to be a straight line up from here.” She said when looking at some of the key pillars of how a recovery comes into place, they are strong. For example, the cost of capital is coming down with spreads coming in, and there’s more liquidity in markets, “and perhaps most importantly, for the long-term, we are seeing a sharp decline in new supply.”