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Blackstone Caps BREIT Withdrawals in January

Blackstone’s retail real estate fund limited investor withdrawals in January after outsize redemption requests that totaled more than $5 billion.

Blackstone Real Estate Income Trust, known as BREIT, posted a statement Wednesday on its website that it filled 25% of investor withdrawal requests during January, in keeping with a policy of limiting monthly redemptions to 2% of the fund’s net asset value.

BREIT has $69 billion of net assets. It’s the largest nontraded real estate investment trust and one of the largest REITs, public or private. There is no public market in BREIT shares; redemptions are made by the REIT from cash on hand in a similar fashion to mutual funds.