Blackstone REIT Marks Major Fundraising Milestone in November
Blackstone Real Estate Income Trust Inc., the perpetual-life non-traded real estate investment trust sponsored by private equity giant Blackstone, marked a major milestone in November.
Blackstone Real Estate Income Trust Inc., the perpetual-life non-traded real estate investment trust sponsored by private equity giant Blackstone, marked a major milestone in November with nearly $20.4 billion in cumulative fundraising, the most money ever raised by a single non-traded REIT, according to investment bank Robert A. Stanger & Company.
Stanger noted that, year-to-date through November 2020, Blackstone REIT raised just shy of $7 billion and holds 71.4 percent of market share.
In September, the REIT filed a registration statement for its second follow-on offering, comprised of $10 billion in shares of common stock and $2 billion in distribution reinvestment plan shares.
Major recent investments by the REIT include its planned purchase of Simply Self Storage from a Brookfield Asset Management real estate fund for approximately $1.2 billion, as reported by The DI Wire in late October.
Blackstone REIT currently owns a $300 million portfolio of self-storage facilities and will become the third largest non-traded owner of storage in the U.S. once the acquisition is complete.
Earlier this month, Blackstone REIT purchased a portfolio of 13 industrial facilities for $358 million from Iron Mountain (NYSE: IRM), a publicly traded firm focused on storage and information management services.
Blackstone Real Estate Income Trust’s initial offering was declared effective by the SEC in August 2016, and as of October 31, 2020, the REIT owned a property portfolio valued at $33.9 billion and had positions in real estate-related securities and loans totaling $4.7 billion. The company invests in multifamily, industrial, hotel, and retail properties, and real estate-related securities and loans.
