Amid Redemption Gates, Non-Traded REIT Shares Trade in Secondary Markets

April 20, 2023 | Buck Wargo | WealthManagement.com

Amid a dimmer outlook for the commercial real estate sector, since the mid-point of last year, Blackstone, Starwood, KKR and others have seen rising redemption requests for their real estate funds and trusts, and some have taken the step of gating further redemptions. For example, Blackstone has blocked investor withdrawals from its real estate income trust BREIT starting last November, when such requests surpassed 5% of the net asset value of the fund. Of the $4.5 billion in redemption requests in March, BREIT approved $666 million. Starwood and KKR have adapted similar measures as redemption requests they received exceeded the amount they would be able to grant under the operating rules of their trusts.

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