Blackstone’s Beleaguered Real-Estate Fund Stems Exodus

Apr 23

Blackstone sold a 22% stake in Las Vegas’s Bellagio last year
Credit: Mikayla Whitmore/Wall Street Journal

For signs that the turbulent commercial real-estate market is beginning to stabilize, look at Blackstone’s largest real-estate fund, known as Breit.

The firm was able to fulfill all investor redemption requests in February and March for the first time since late 2022, when a flurry of withdrawals compelled it to limit how much it could pay out.

“We believe commercial real estate is at an inflection point, with real estate values bottoming,” Blackstone said in an April letter to Breit shareholders, who are mostly individual investors.

But that is only part of the story.

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Timothy McMahon

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