The joint venture paid $1.2B for a 20% equity stake in a portfolio of loans to office, retail and multifamily buildings.
ElmTree Funds, Fortress Investment Group and Morgan Stanley are in various stages of gearing up to sell stock in new REITs not linked to the larger market.
As SREIT tightens investor redemption limits, other nontraded REITs managed by investment giants like Blackstone, KKR and Brookfield face issues with liquidity.
Starwood CEO Barry Sternlicht on Wednesday explained the choice to cap withdrawals for SREIT to 0.33% of NAV as it waits out interest rate cuts.
A cash crunch has cleared for most private real estate funds, but Barry Sternlicht’s Starwood still has $1B of redemptions to pay back.
With nearly $200B in dry powder, Blackstone says easing capital costs are beginning to unlock long-stalled real estate transactions.
BGO deregistered a nontraded industrial REIT with the SEC nearly three years after its launch marked the investment firm's entry into the retail channel.
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