The New York website: Blackstone Group launched its first non-traded real estate investment trust and is looking to raise $5 billion from investors.
The new REIT, dubbed Blackstone Real Estate Income Trust, will focus on core properties including hotels and multifamily buildings, according to an SEC filing cited by Bloomberg. Blackstone is primarily known as a manager of private investment funds, although it also runs a publicly traded mortgage REIT. The company had $103.2 billion in real estate assets under management as of June 30. [more]