One does not make a trend, but three? Private equity firm KKR & Co. announced it is limiting withdrawals from its real estate investment trust (REIT) – Real Estate Select Trust (KREST), following similar decisions at REITs managed by Blackstone Inc. and Starwood Capital.

KREST disclosed in a regulatory filing that investors holding more than 8% of the REIT’s $1.6 billion in net assets requested withdrawals during a first quarter offering period, surpassing its quarterly limit of 5%.

KKR allowed investors to redeem $79.3 million, which is equivalent to approximately 62% of the total investors’ repurchase requests of about $128 million.

As with Blackstone’s President and Chief Operating Officer Jonathan Gray and Starwood’s Chairman and CEO Barry Sternlicht, KREST’s CEO Billy Butcher rushed to assure investors that the REIT has a “strong liquidity position.”

“Within KREST, we are balancing providing access to private real estate, which is an illiquid asset class, with the recognition and understanding that … regular liquidity is an important feature for KREST shareholders,” said Butcher in the filing.

Investors are increasingly looking to move out of private REITs amid a growing disconnect in returns compared with returns from public REITS.