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Blackstone Maintains Top Spot Among Non-Traded REITs
Blackstone Real Estate Income Trust retained its spot atop the list of non-traded REITs for capital-raising in Q3 2018. According to Summit Investment Research, non-traded REITs raised $1.22 billion in the third quarter of 2018, and Blackstone generated $773 million, or 63.5% of the total.
Equity capital raised by non-traded REITs in Q3 brought the sector’s year-to-date total to $3.3 billion, a volume increase of just 1.6% from the second quarter, reported Summit. The sector is on track to beat 2017’s $3.9 billion of capital-raising, the lowest annual volume since the Great Financial Crisis.
Eight perpetual-life REITs collectively raised $185 million during the latest quarter, roughly 25% of what Blackstone generated. Among them were Black Creek Diversified Property Fund, which raised $49 million during Q3, behind Cole Real Estate Income Strategy.
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