From Yahoo-Finance 7-4-23:
Blackstone real estate investment trust (BREIT), which recently made news for exercising a clause that restricted owner withdrawals for several consecutive months, has not taken the news lying down. The real estate investment trust (REIT) is still trying to raise money for its shareholders and recently announced the sale of $3.1 billion worth of its commercial portfolio. It also is rumored to be considering a sale of its Las Vegas portfolio.
Although much of the real estate market has suffered this year, industrial and warehouse is still a subsector where there has been year-on-year growth. Blackstone is selling 70 assets out of its industrial portfolio to Prologis Inc.* The deal includes roughly 14 million square feet and marks the continuation of a long-standing relationship between Blackstone and Prologis.
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*A real estate investment firm which deals in industrial property: https://www.prologis.com/.
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The sale, which is expected to be complete by the end of the second quarter, would be the latest in more than a dozen deals between Prologis and Blackstone in the last 11 years. All indications are that Prologis plans to buy and hold the assets...
Full story at https://finance.yahoo.com/news/blackstone-reit-announces-major-asset-180808646.html.
Will the Regents - the trustees of the pension and endowment funds - be asking any questions about these developments at the next meeting of the Investments Committee? Don't bet on it.
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