Blackstone limits REIT investor redemptions again in April
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FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo
By Chibuike Oguh
NEW YORK (Reuters) - Blackstone Inc on Monday said it had again limited withdrawals from its $70 billion real estate income trust in April as investor redemption requests continued to pile up.
Blackstone said BREIT had received $4.5 billion worth of withdrawal requests in April, but the fund fulfilled only $1.3 billion or 29% of the total redemption requests, the firm said in a letter to investors.
In March, BREIT had also received requests totaling $4.5 billion but it fulfilled just $666 million or 15% of those demands. Redemption requests were $5.3 billion and $3.9 billion in January and February, respectively.
Blackstone has been exercising its right to block investor withdrawals from BREIT since November after requests exceeded a preset 5% of the net asset value of the fund. It has so far paid out $6.2 billion to investors who have been requesting redemptions since November, the firm said.
(Reporting by Chibuike Oguh in New York; editing by Jonathan Oatis)
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