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Blackstone's real estate fund sees fewer redemption requests in May

Reuters
·1 min read

June 1 (Reuters) - Blackstone Inc said on Thursday that redemption requests related to its real estate fund decreased in May after the private equity firm faced a flurry of redemption requests in the past few months.

Blackstone real estate income trust (BREIT) received redemption requests of $4.4 billion in May, down 4% month-over-month and 18% lower when compared with January 2023, according to the company.

BREIT fulfilled March withdrawal requests of $666 million, representing only 15% of the $4.5 billion in total redemption requests for the month, the asset manager previously said.

In April, the company blocked withdrawals from its $70 billion real estate income trust for March.

The level of withdrawal requests is expected to normalize over time as Blackstone works through its backlog, President Jonathan Gray said in January. (Reporting by Mehnaz Yasmin in Bengaluru)