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For Blackstone’s Property Fund, Resilient Valuations Might Have a Downside

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https://www.wsj.com/finance/investing/for-blackstones-property-fund-resilient-valuations-might-have-a-downside-ca85b27f

 1. Finance
    
    --------------------------------------------------------------------------------

 2. Investing
    
    --------------------------------------------------------------------------------

 3. Heard on the Street


FOR BLACKSTONE’S PROPERTY FUND, RESILIENT VALUATIONS MIGHT HAVE A DOWNSIDE


INVESTORS PULLED MORE THAN $13 BILLION FROM BREIT LAST YEAR. LURING THEM BACK
WILL TAKE TIME.

By

Carol Ryan


Jan. 26, 2024 6:59 am ET

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Blackstone’s property fund has trounced its rivals in terms of investment
performance, despite upheaval. Photo: Taidgh Barron/Zuma Press



Blackstone’s BX 1.56%increase; green up pointing triangle
flagship property fund spent 2023 trying to staunch the flow of shareholder cash
out the door. A quiet spell for fundraising is its next challenge.



Investors pulled more than $13 billion out of Blackstone Real Estate Income
Trust last year, a non-traded fund with a diversified property portfolio,
including fast-growing types such as data centers and e-commerce warehouses as
well as apartments in the Sunbelt, where rents are slowing. The redemptions were
equivalent to almost 20% of the fund’s net asset value at the start of 2023.

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