Much of Blackstone Group‘s (BX) vast U.S. real estate holdings may be bought by, or turned into, real estate () trusts over the next couple of years, the head of the private equity group’s global real estate division said on Wednesday.

Jonathan Gray said U.S. capital markets, particularly the bond market, has opened its arms to real estate investment trusts, making it likely that much of its U.S. holdings of offices, homes and hotels will be bought by existing REITs or become REITs though initial public offerings.