XM does not provide services to residents of the United States of America.

Blackstone REIT limits investor redemptions again in March



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>UPDATE 2-Blackstone REIT limits investor redemptions again in March</title></head><body>

Updates with analyst comment

By Chibuike Oguh

NEW YORK, April 3 (Reuters) -Blackstone Inc BX.N said on Monday it had again blocked withdrawals from its $70 billion real estate income trust in March as the private equity firm faced a flurry of redemption requests.

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.

BREIT fulfilled Marchwithdrawal requests of $666 million, representing only 15% of the $4.5 billion in total redemption requests for the month, the firm said in a letter to investors.

Total redemption requests for March were 15% higher than the approximately $3.9 billion demanded by investors in February but 16% lower than the $5.3 billion Blackstone received in January.

"BREIT is not a mutual fund and has never gated," a Blackstone spokesperson said in a statement. "It is a semi-liquid product and is working exactly as planned. In fact, BREIT has paid out nearly $5 billion to redeeming shareholders since November 30th when proration began."

The level of withdrawal requests is expected to normalize over time as Blackstone works through its backlog, Blackstone President Jonathan Gray said during an analyst earnings call in January.

Blackstone shares were down 4.2% at $84.10, in line with the broader market, which was also weaker. Its shares have gained 18.4% in the first quarter after falling43% in 2022.

BREIT's net asset value had risen by 8.4% last year while the publicly traded Dow Jones U.S. Select REIT Index .DWRTF fell 29%.

"Cognizant of easing forward interest rate expectations, we believe the reacceleration of gross redemptions may weigh on the shares," Credit Suisse analysts, led by Bill Katz, said in a note to investors.



Reporting by Chibuike Oguh; Editing by Conor Humphries, Tomasz Janowski and Richard Chang

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.