Unions ask UC Investments to divest from Blackstone REIT
January 17, 2023 | Arleen Jacobius | Pensions & Investments
A coalition of unions representing workers at the University of California is calling for University of California Board of Regents, Oakland, to divest from a $4 billion commitment to Blackstone’s private REIT and another roughly $2 billion in prior commitments to Blackstone funds, according to a letter posted Jan. 13 by the unions.
On Jan. 3, UC Investments agreed to commit $4 billion in Class I common shares of Blackstone Real Estate Income Trust.
The unions contend that Blackstone is making the national housing crisis, on and off campus, worse.
Blackstone and other alternative investment firms “are acquiring residential properties at unprecedented rates, converting them into rental units, raising rents, and evicting and displacing residents in the process, even during the pandemic,” the letter said.
