Blackstone REIT Breaks Escrow
Blackstone Real Estate Income Trust Inc., a non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), has broken escrow with approximately $279 million in net proceeds for its continuous public offering.
Blackstone Real Estate Income Trust’s primary offering, which was declared effective by the SEC in September, includes $4 billion in class T, class S, class D, and class I common shares, priced between $10.00-$10.35 per share, and $1 billion in shares allocated for the REIT’s distribution reinvestment plan. The REIT plans to invest in stabilized income-oriented commercial real estate in the United States.
Blackstone Real Estate Income Trust is headquartered in New York City and is externally managed by BX REIT Advisors L.L.C., a subsidiary of Blackstone. Blackstone, which currently manages various private investment funds and a publicly-traded REIT, has more than $360 billion in assets under management.
