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University of California Adds Another $500 Million to BREIT Investment

LOS ANGELES, CA/USA - OCTOBER 4, 2014: Royce Hall on the campus of UCLA. Royce Hall is one of four original buildings on UCLA's Westwood campus.

The office of the chief investment officer of the Regents of the University of California and Blackstone (NYSE: BX) announced an expansion of their long-term “strategic venture.”

UC Investments will acquire an additional $500 million in Blackstone Real Estate Income Trust Inc. Class I common shares, the largest existing share class, with fees and terms consistent with existing BREIT shareholders.

As The DI Wire previously reported, this follows the $4 billion investment by UC Investments into BREIT announced on Jan. 3, 2023, bringing its total investment in BREIT to $4.5 billion.

This new investment, which is expected to close Mar. 1, 2023, at BREIT’s public offering price on that date, will have the same structure, terms and fees as UC Investments’ initial $4 billion investment, including an effective 6-year minimum hold period, and Blackstone will contribute $125 million of its current BREIT holdings into the strategic venture.

As the DI Wire reported in December 2022, Blackstone REIT announced for the first time in its six-year history that it failed to fulfill all investor repurchase requests made during the month of November and began limiting redemptions.

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