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The Audio Long Read

From the archive: The Blackstone rebellion: how one country took on the world’s biggest commercial landlord

The Audio Long Read

The Guardian

Society & Culture

4.32.4K Ratings

🗓️ 8 October 2025

⏱️ 45 minutes

🧾️ Download transcript

Summary

We are raiding the Guardian long read archives to bring you some classic pieces from years past, with new introductions from the authors. This week, from 2022: the giant asset management firm used to target places where people worked and shopped. Then it started buying up people’s homes. In one country, the backlash was ferocious By Hettie O’Brien. Read by Evelyn Miller. Help support our independent journalism at theguardian.com/longreadpod

Transcript

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0:00.0

This is The Guardian.

0:05.0

The Guardian Archive Longread

0:11.0

Hello, my name is H Hetty O'Brien.

0:22.8

I'm a regular writer at The Guardian Long Read.

0:24.9

I wrote this piece, The Blackstone Rebellion, how one country took on the world's biggest commercial landlord, which was published in 2022.

0:33.9

I was interested in what happened after the 2008 financial crisis where power seemed to have migrated to this new type of company, private equity-owned company, and these companies are buying up a lot more housing in the cities where people lived.

0:49.5

And I learned that Denmark and specifically Copenhagen had mounted this really active and quite

0:57.0

vociferous campaign against Blackstone's activities and had been successful.

1:03.0

I think what's changed since 2022 is that private equity is playing an even greater role in our

1:10.5

everyday lives than it was back in

1:12.1

2022. And you can see that in the way that the current Labour government has been very keen

1:16.9

to get its support in terms of helping to fund the building of infrastructure and other

1:24.0

kind of big state projects. And so I think the close relationship between the industry

1:28.9

and government has become much more relevant and interesting since I wrote this piece.

1:37.0

This episode contains strong language.

1:40.9

Welcome to The Guardian Long Read, showcasing the best long-form journalism covering culture, politics and new thinking.

1:47.6

For the text version of this and all our long reads, go to the Guardian.com forward slash long read.

1:55.5

The Blackstone Rebellion

1:57.2

How One Country Took on the World's Biggest biggest commercial landlord by Hetty O'Brien.

2:08.3

Blackstone is the largest commercial landlord in history. Over the past two decades,

2:14.5

it has quietly taken control of apartment blocks, care homes, student

2:19.7

housing, railway arches, film studios, offices, hotels, logistics warehouses and data centres.

...

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