Blackstone Inc (BX.N) said on Monday it had again blocked withdrawals from its $70 billion real estate income trust in March as the private equity firm faced a flurry of redemption requests.
Blackstone has been exercising its right to block investor withdrawals from BREIT since November after requests exceeded a preset 5% of the net asset value of the fund.
BREIT fulfilled March withdrawal requests of $666 million, representing only 15% of the $4.5 billion in total redemption requests for the month, the firm said in a letter to investors.
Total redemption requests for March were 15% higher than the approximately $3.9 billion demanded by investors in February but 16% lower than the $5.3 billion Blackstone received in January.
“BREIT is not a mutual fund and has never gated,” a Blackstone spokesperson said in a statement. “It is a semi-liquid product and is working exactly as planned. In fact, BREIT has paid out nearly $5 billion to redeeming shareholders since November 30th when proration began.”
(This news/press release has not been altered by investment.net, apart from the headline, and has been obtained from a syndicated source:- https://www.reuters.com/business/finance/blackstone-reit-limits-investor-redemptions-again-march-2023-04-03/)