BREIT Exits Self-Storage As It Invests Billions Into Data Centers
During Q2, the REIT offloaded its last 79 self-storage assets and poured $3.3B into its data center arm, QTS.
During Q2, the REIT offloaded its last 79 self-storage assets and poured $3.3B into its data center arm, QTS.
Schwarzman said BREIT's focus on warehouses and apartments in Texas and Florida has kept its returns high relative to public REITs.
The investment is a reversal from recent attempts by investors to take money out of nontraded REITs.
Three-quarters of last month's redemption requests made of Blackstone's nontraded REIT went unfulfilled.
Katie Keenan was appointed CEO at BREIT after Wesley LePatner was killed in a shooting at Blackstone's headquarters in July.
In a mini-tender offer, MacKenzie targeted Blackstone Real Estate Income Trust investors seeking immediate liquidity.
Since its acquisition of American Campus Communities in 2022, Blackstone has been a major player in student housing.
Brookfield Properties is betting on a rebound in apartment demand as construction starts slow.
The investment comes only weeks after UC Investments' previous $4B play.
BREIT, by far the largest nontraded REIT, has already moved to sell assets as it faces unprecedented redemption requests.
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