Blackstone drops; BREIT limits investor redemptions for 5th straight month
03/04/2023 18:07
** Blackstone Inc BX.N shares drop as much as 4.4% to
$84.01 on Mon. BX shares on course for biggest one-day pct
decline since Mar 10
** Co on Mon said it again blocked withdrawals from its $70
bln Blackstone Real Estate Income Trust (BREIT)
** Blackstone has been exercising its right to block
investor withdrawals from BREIT since Nov after requests
exceeded preset 5% of the fund's NAV
** BREIT fulfilled withdrawal requests of $666 mln in Mar,
representing 15% of $4.5 bln in total redemption requests, which
is 15% higher than amount demanded in Feb
** In other news, UK's Industrials REIT Ltd's MLII.L
shares jumped 38.1% on Mon after it reached offer terms with
Blackstone
** Shares of alternative asset manager peers down to a
lesser extent on Mon: TPG Inc TPG.O 0.5%, Apollo Global
Management APO.N 1.2%, KKR & Co Inc KKR.N 1.5%, Ares
Management Corp ARES.N 1.0% and Carlyle Group Inc CG.O 2.4%
** Including decline on Mon, BX shares up ~14% YTD
** 20 analysts on avg rate BX "buy" with median PT of $103,
implying ~22% upside to current share price of $84.52
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))