Blackstone launches $5B non-traded REIT

Miami /
Aug.August 11, 2016 08:45 AM

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.

The new REIT appears to be part of Blackstone’s push into stable, income-producing assets that come with less risk but also offer lower returns. In December, the fund manager bought Stuyvesant Town-Peter Cooper Village for $5.3 billion in partnership with Ivanhoe Cambridge through a core-plus fund.

“The prospects for growth in that business are huge,” Blackstone CEO Stephen Schwarzman said on an earnings call in April, speaking of low-risk real estate. “As we move into the retail chain of distribution with this, we should be able to create a really very large-scale business.”

The new REIT has yet to buy any properties. [Bloomberg]Konrad Putzier


Related Articles

arrow_forward_ios
G6 Hospitality CEO Rob Palleschi and the Motel 6 at 825 East Dania Beach Boulevard (LinkedIn, Google Maps)
Blackstone sells five South Florida budget hotels for $61M
Blackstone sells five South Florida budget hotels for $61M
Link Logistics' Luke Petherbridge with 115.7-acre site at 21001 Northwest 27th Avenue (LinkedIn, Google Maps)
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
Link Logistics' Luke Petherbridge (Link Logistics, Calder Casino, iStock)
Take two: Blackstone affiliate proposes industrial complex with movie studio at Calder’s horse racing track
Take two: Blackstone affiliate proposes industrial complex with movie studio at Calder’s horse racing track
 Rendering of Nema Miami with Russell Galbut and Bruce Menin (Crescent Heights)
Russell Galbut’s Crescent Heights scores $224M loan for Whole Foods-anchored Edgewater project
Russell Galbut’s Crescent Heights scores $224M loan for Whole Foods-anchored Edgewater project
The Mangrove Bay assisted living facility at 110 Mangrove Bay Way in Jupiter (Senior Lifestyle, iStock)
Blackstone sells waterfront assisted living facility in Jupiter at a loss for $41M
Blackstone sells waterfront assisted living facility in Jupiter at a loss for $41M
Laguna Pointe Apartments are at 903 Southwest 15th Street in Pompano Beach, 25370 Southwest 137th Avenue in Homestead and Sanctuary Cove Apartments at 5301 West McNab Road in North Lauderdale (Redfin, Apartments.com, Google Maps)
Blackstone goes all-in on South Florida affordable housing with over $300M portfolio deal
Blackstone goes all-in on South Florida affordable housing with over $300M portfolio deal
Blackstone CEO Stephen Schwarzman and the Crosskeys Apartments complex at 1850-2100 SW 81 Avenue in North Lauderdale (Getty, Apartments)
Blackstone picks up North Lauderdale apartment complex for $14M
Blackstone picks up North Lauderdale apartment complex for $14M
Kimco CEO Conor Flynn and Blackstone CEO Stephen Schwarzman with the Publix-anchored retail centers (Getty, LinkedIn, JLL)
Publix-powered purchase: Kimco partners with Blackstone in $426M retail play
Publix-powered purchase: Kimco partners with Blackstone in $426M retail play
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...