The firm could create its own REIT sponsor and wholesaler or take a run at an established one like NorthStar Asset Management Group Inc.
Feb 9, 2016 @ 1:10 pm | By Bruce Kelly | Investment News
With private equity giant The Blackstone Group potentially pushing its way into the nontraded real estate investment trust business, the question for many on Wall Street is whether Blackstone will make an acquisition of a current REIT sponsor and wholesaler or create its own.
Blackstone has tapped two senior wealth management executives to lead its new effort. They include Brendan Boyle, senior managing director, private wealth management distribution, and Joe Lohrer, managing director, private wealth management distribution.
Selling nontraded REITs would help get Blackstone in front of mainstream retail investors. Right now, it sells its private equity deals to institutions and the wealthiest clients at wirehouses.
