Blackstone Group, with more than US$103 billion in real estate assets under management as of June 30, is launching a non-traded real estate investment trust (REIT) with a goal to raise US$5 billion from individual investors.
Blackstone Real Estate Income Trust will not only target hotel assets but multifamily buildings, according to an SEC filing.
The move reportedly is drive by Blackstone’s desire to move into more stable, income-producing asset. The new REIT has yet to buy any properties.