Source says firm eyes creating, managing nontraded REITs for brokers and advisers to sell
Feb 4, 2016 @ 4:01 pm | By Bruce Kelly |Investment News
Private equity giant The Blackstone Group is considering launching a nontraded real estate investment trust business that would both create and manage nontraded REITs for brokers and advisers to sell as well as market and wholesale those investments.
The two Blackstone executives leading the effort are Brendan Boyle, senior managing director, private wealth management distribution, and Joe Lohrer, managing director, private wealth management distribution, according to an industry source with knowledge of Blackstone’s plans who asked not to be named.
A second source, who also asked not to be named, said he too was aware that Blackstone was considering getting into the nontraded REIT business.