NEW YORK—Blackstone Inc. said on Wednesday 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.
BREIT said it fulfilled redemption requests of $1.4 billion in February, which represents only 35 percent of the approximately $3.9 billion in total withdrawal requests for the month, the firm said in a letter to investors.
The total BREIT redemption requests in February were 26 percent lower than the approximately $5.3 billion reached in January, the firm said.
“While gross redemptions for February are consistent with prior management commentary, the overarching data continue to align with our view around decelerating retail-oriented product organic growth broadly,” Credit Suisse analysts, led by Bill Katz, said in a note to investors….