This morning Bloomberg reports that Wall Street’s largest commercial real estate landlord, private equity giant Blackstone, has defaulted on a $562 million bond backed by a portfolio of offices and stores owned by Sponda Oy, a Finnish landlord it acquired in 2018.
And while Blackstone is trying to minimize the news, the private equity firm clearly continues to scramble to stabilize the bleeding in its massive real estate portfolio and on Wednesday it said that it had blocked investors from cashing out their investments at its $71 billion real estate income trust (BREIT), as the private equity firm continues to grapple with a flurry of redemption requests.