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Blackstone may near $1bn for new non-traded REIT

June 20, 2017

Blackstone may near $1bn for new non-traded REIT

June 17, 2017 | Gulf Times

Blackstone Group expects to reach the $1bn mark for its first non-traded Real Estate Investment Trust (REIT) by the end of the month, people with knowledge of the matter said. The asset manager had gathered $875mn from more than 6,500 investors as of June 1, said the people, who asked not to be identified. Blackstone, which is targeting $5bn for the REIT, has been raising about $125mn a month for the pool, the people said.
Blackstone Real Estate Income Trust, formed last year, is the firm’s latest effort to add lower-risk property investments to its offerings. It’s also part of New York-based Blackstone’s push to attract individual investors after relying primarily on institutional clients to build its real estate business over more than two decades. BREIT has a minimum investment of $2,500, compared with the $5mn to $20mn minimums typical for the alternative-asset management sector’s largest funds.
“What this product is about is democratising access to great real estate, institutional-quality management and investment expertise, and the right fees and structure and alignment,” Jon Gray, Blackstone’s global head of real estate, said in a video on BREIT’s website.

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Steve Siepak
Blue Vault session at the recent National Planning Holdings National Conference
September 13, 2017

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