Blackstone’s real estate investment trust fulfilled all redemption requests in February, a notable achievement after 15 months of capping withdrawals.
Blackstone Real Estate Income Trust met $961m (£759m) of repurchase requests in February. That was below the 2% of NAV monthly limit, 26% lower than in January and 82% lower than a record high in January 2023.
“BREIT was designed with a semi-liquid structure, trading a measure of liquidity for the potential for higher net returns,” the firm said. “We could not be more proud that this structure has worked as intended to both prevent a liquidity mismatch and maximise long-term shareholder value. Since inception seven years ago, BREIT has delivered an 11% annualised net return for investors, more than two-times publicly traded REITs.”
The firm said the trust “historically” delivered full liquidity to redeeming stockholders in each month. “During proration, stockholders on average were substantially redeemed in just over four months,” it added. “Over 15 months of proration, we returned $15bn-plus of liquidity to BREIT stockholders in a deliberate and thoughtful way while continuing to generate resilient performance and preserve capital.”
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