As the private equity firm continues to deal with a flood of redemption requests, Blackstone Inc said on Wednesday that it had barred clients from paying out their assets in its $71 billion real estate income trust (BREIT).
BREIT said in a statement to clients that it completed $1.4 billion in redemption requests in February, accounting for only 35% of the total $3.9 billion in withdrawal requests for the month.
According to the company, total BREIT redemption requests hit roughly $5.3 billion in January, which is 26% less than the amount received in February.
While gross redemptions for February are consistent with previous management commentary, the overall data "continues to align with our view of decelerating retail-oriented product organic growth generally," Credit Suisse analysts headed by Bill Katz wrote in a letter to investors.
Credit Suisse lowered Blackstone's shares to underperform in November, citing an increase in BREIT investor redemptions. On Wednesday afternoon dealing, Blackstone's stock was down 0.25% to $90.57 per share. Last year, the stock dropped 43% of its worth.
Blackstone has been employing its right to stop investors' withdrawals since November last year after requests reached a preset 5% net asset value of BREIT, which is sold to mostly high net worth people.
Blackstone anticipates that it will continue to work with its investors.
As the private equity firm continues to deal with a flood of redemption requests, Blackstone Inc said on Wednesday that it had barred investors from paying out their assets in its $71 billion real estate income trust (BREIT).
BREIT, said in a statement to clients that it completed $1.4 billion in redemption requests in February, accounting for only 35% of the total $3.9 billion in withdrawal requests for the month.
According to the company, total BREIT redemption requests hit roughly $5.3 billion in January, which is 26% less than the amount received in February.
Related video: Schwarzman, Chairman of Blackstone, got a dividend and $253 million in pay (WION)
Blackstone blocked investor withdrawals from $71 billion REIT in February https://www.msn.com/en-ca/money/topstories/blackstone-blocked-investor-withdrawals-from-71-billion-reit-in-february/ar-AA186mhb?ocid=mailsignout&pc=U591&cvid=474ec7151039446e91f8f865e2aa2adf&ei=18
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Ruthie's Table 4
For more than 30 years The River Cafe in London, has been the home-from-home of artists, architects, designers, actors, collectors, writers, activists, and politicians. Michael Caine, Glenn Close, JJ Abrams, Steve McQueen, Victoria and David Beckham, and Lily Allen, are just some of the people who love to call The River Cafe home. On River Cafe Table 4, Rogers sits down with her customers—who have become friends—to talk about food memories. Table 4 explores how food impacts every aspect of our lives. “Foods is politics, food is cultural, food is how you express love, food is about your heritage, it defines who you and who you want to be,” says Rogers. Each week, Rogers invites her guest to reminisce about family suppers and first dates, what they cook, how they eat when performing, the restaurants they choose, and what food they seek when they need comfort. And to punctuate each episode of Table 4, guests such as Ralph Fiennes, Emily Blunt, and Alfonso Cuarón, read their favourite recipe from one of the best-selling River Cafe cookbooks. Table 4 itself, is situated near The River Cafe’s open kitchen, close to the bright pink wood-fired oven and next to the glossy yellow pass, where Ruthie oversees the restaurant. You are invited to take a seat at this intimate table and join the conversation. For more information, recipes, and ingredients, go to https://shoptherivercafe.co.uk/ Web: https://rivercafe.co.uk/ Instagram: www.instagram.com/therivercafelondon/ Facebook: https://en-gb.facebook.com/therivercafelondon/ For more podcasts from iHeartRadio, visit the iheartradio app, apple podcasts, or wherever you listen to your favorite shows. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com