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December 11, 2022
Blackstone CEO says financially distressed investors driving REIT redemptions
December 11, 2022
Blackstone CEO says financially distressed investors driving REIT redemptions
December 7, 2022 | Chibuike Oguh | Reuters
Blackstone Inc (BX.N) Chief Executive Stephen Schwarzman said on Wednesday that redemptions in his firm’s $69 billion non-traded real estate income trust (REIT) were driven by investors roiled by market volatility rather than dissatisfaction with the fund.
Blackstone shares have lost 15% of their value since Dec. 1, when the New York-based firm disclosed it had for the first time limited redemptions from the REIT, which is marketed to high net-worth investors rather than institutional clients like pension funds and insurance firms. Blackstone relies on the REIT for about 17% of its earnings.
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