Blackstone Group's nontraded REIT intends to raise $10 billion in addition to the $5 billion the fund raised in its launch two years ago, Globe Street's Erika Morphy reports.
The REIT's acquisitions last year included its purchase of a 90% stake in Steadfast Income REIT ‘s LANDS portfolio for $460.8 million and its acquisition of a six-property, 2,514-unit apartment portfolio from TA Realty for $430 million among others.
Blackstone launched Blackstone Real Estate Income Trust as a perpetual-life fund with the goal of investing primarily in income-producing properties across the US, as well as some real estate-related securities.
In addition to Blackstone, Morphy notes in citing Robert A. Stanger & Co., other nontraded REITs entering the space this year include Starwood Capital Group’s Starwood Real Estate Income Trust.
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