Blackstone, the world’s largest alternative asset manager, this month agreed to acquire Apartment Income REIT for a reported $15.2 billion.

But according to Australian REIT analysts, although the step is an interesting one for the US giant, it isn’t necessarily signalling a path for domestic REITs.

With more than $US1 trillion in assets already under management, Blackstone announced plans to invest more than $US400 million (in an all-cash deal worth $US39.12 a share) in Apartment Income REIT, also known as AIR Communities.