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Alternative Assets  + Real Estate  |  March 1, 2024
Blackstone’s BREIT Meets 100% of Redemption Requests
Joe Palmisano
By: Joe Palmisano

Blackstone’s BREIT Meets 100% of Redemption Requests

Blackstone met 100% of redemption requests in February from its $60 billion Real Estate Investment Trust (BREIT) for the first time in more than a year.

BREIT received $961 million in repurchase requests, which was below the 2% of NAV monthly limit, 26% lower than last month and down 82% from the January 2023 peak of $5.3 billion, according to a notice to shareholders.

”BREIT has now provided full liquidity to all investors seeking it. BREIT’s semi-liquid structure worked as intended — offering investors the potential for higher net returns in exchange for a measure of liquidity,” the firm said.

Founded in 2017, BREIT was formed to provide wealthy individuals access to Blackstone’s private real estate investments, which have had more than $15 billion withdrawn from the fund since redemptions began.

Blackstone took several initiatives to stabilize the fund amid the liquidity shortage. A major one was a $4.5 billion investment from the University of California. Furthermore, the fund sold off significant property assets, including hotels and a stake in the Bellagio.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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