Blackstone’s Real Estate Fund Signaling More Pullback in Commercial Sector

December 5, 2022 | Emily Gallagher | Pomodo.com

In another indication that the Fed’s relentless interest rate push is holding back the real estate market, Blackstone has limited withdrawals from its unlisted $69 billion real estate income trust.

Blackstone declared that its non-traded REIT (BREIT) will restrict redemptions after October’s withdrawals requests exceeded its monthly limit of 2 percent of its net-asset value and the trust’s quarterly threshold of 5 percent. The announcement, which was revealed in a letter posted to the company website on Thursday, caused Blackstone stock to tumble. Blackstone’s stock ended the day down 7.1 percent. When the markets opened on Friday morning, they were down 2 percent further, to $83.45 per share.

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