Broadstone to Launch $1 Billion Interval Fund
Broadstone Real Estate, a privately-owned investment manager, plans to launch a $1 billion interval fund called Broadstone Real Estate Access Fund Inc., according to a preliminary registration statement filed with the Securities and Exchange Commission.
The fund will be operated as an interval fund making quarterly repurchases at the shares’ daily net asset value, but intends to be taxed as a real estate investment trust.
Broadstone Real Estate Access Fund intends to invest in direct commercial real estate investments, private real estate investment funds, publicly traded real estate-related securities, and commercial real estate debt.
The company plans to offer two share classes of common stock: Class W and Class I shares. Class W shares have a $2,500 minimum purchase, while Class I shares have a minimum of $1 million.
There is no upfront sales load associated with either share class, however Class W shares will pay an annual 0.25 percent shareholder servicing fee to ALPS Distributors Inc.
Broadstone Asset Management LLC will serve as the fund’s adviser, while the sub-advisor was not yet disclosed in the filing.
Broadstone Asset Management provides investment advisory, administrative, and related services to two clients, Broadstone Net Lease Inc. and Broadtree Residential Inc., both private REITs.
