Blackstone Group is tripling the fundraising goal for the non-traded real estate investment trust it launched last year, breathing new life into an industry that hit the skids about four years ago following a flurry of bad publicity, The Wall Street Journal reports.
In a new registration statement filed Tuesday with the Securities and Exchange Commission, Blackstone Real Estate Income Trust said it planned to raise another $10bn on top of the $5bn the trust said it would raise in its initial filing. The new registration is necessary because BREIT has been selling shares at such a high rate the first $5bn would likely be all sold out before the end of 2018.