Blackstone receives over $5bn in redemption requests in property fund - reports

Adds to $6.8bn from Breit

Blackstone has received over $5bn in redemption requests from one of its property funds, adding to the massive number of withdrawals coming from the firm’s funds.

Blackstone Property Partners, a non-traded REIT largely comprised of institutional investors, has an outstanding backlog of 7% of its $73bn net asset value, the firm's president Jonathan Gray said on an earnings call yesterday (27 January), as reported by the FT. This adds to the $6.8bn in redemptions from Blackstone's flagship REIT, which reported redemptions totalling about $6.8bn in the last two months of 2022. However, the firm said it had only fulfilled $1.4bn, or 21% of the requests. Last month, Blackstone limited redemptions from the fund following a surge in investor withdr...