UC Investments to invest further $500m in Blackstone’s BREIT common shares

Written by Michael Griffiths

27/01/2023

Blackstone has confirmed that UC Investments is to invest an additional $500m in its Blackstone Real Estate Income Trust (BREIT) common shares.

This follows the $4bn investment by UC Investments into BREIT announced on 3 January, to take the group’s total investment in BREIT to $4.5bn.

Blackstone confirmed that the latest investment, which is expected to close on 1 March 2023 at BREIT’s public offering price on that date, will have the same structure, terms, and fees as UC Investments’ initial $4bn investment.

This includes an effective six-year minimum hold period, and Blackstone will contribute an incremental $125m of its current BREIT holdings into the strategic venture.

As part of the joint venture, Simpson Thacher & Bartlett LLP is acting as BREIT’s legal counsel while Goodwin Procter LLP is acting as UC Investments’ legal counsel.

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