UC Investments to Invest $4 Billion in Blackstone Real Estate Income Trust
Oakland, CA, and New York, January 3, 2023 – The Office of the Chief Invest Officer of the Regents of the University of California (“UC”), has announced a long-term strategic venture with Blackstone Inc. UC Investments will Invest $4 billion in Blackstone Real Estate Income Trust, Inc. (“BREIT”) Class I Common Shares. Blackstone is a leading global alternative asset manager with $556 billion of assets under management as of September 30, 2020.
The typical BREIT Invest has the option to sell shares monthly, but University of California manager UC Investments will effectively be locked in for the long-term. BREIT’s Class I Common Shares are designed to provide Invest with an opportunity to Invest in a diversified portfolio of commercial Real Estate assets. The BREIT portfolio consists of office, industrial, retail and hospitality assets located throughout the United States.
Blackstone (NYSE:BX) on Tuesday announced a long-term strategic venture with UC Investments, which manages University of California's pension fund and its $132 billion in assets. The venture has been approved by the board of the University of California's Office of the Chief Invest Officer (UC Investments).
Under the venture, UC Investments will Invest $4 billion in Blackstone Real Estate Income Trust, Inc. (“BREIT”) Class I Common Shares. The Invest is intended to provide UC Investments with a long-term income stream from a diversified portfolio of commercial Real Estate assets. The assets have been selected to generate consistent cash flow and capital appreciation over the long-term.
(Adds background on REIT withdrawal limit). Jan 3 (Reuters) - University of California's fund manager said on Tuesday it would Invest $4 billion in Blackstone Real Estate Income Trust, Inc. (BREIT) Class I Common Shares. The Invest is part of a long-term strategic venture with Blackstone Inc, the manager of the world's largest alternative asset manager with $556 billion in assets under management.
BREIT’s Class I Common Shares are designed to provide Invest with an opportunity to Invest in a diversified portfolio of commercial Real Estate assets. The BREIT portfolio consists of office, industrial, retail and hospitality assets located throughout the United States.
UC Investments will effectively be locked in for the long-term, as the typical BREIT Invest has the option to sell shares monthly. The Invest is intended to provide UC Investments with a long-term income stream from a diversified portfolio of commercial Real Estate assets. The assets have been selected to generate consistent cash flow and capital appreciation over the long-term.
UC Investments has identified Blackstone as an ideal partner to help manage the University of California's pension fund and its $132 billion in assets. The venture has been approved by the board of the University of California’s Office of the Chief Invest Officer (UC Investments).
The University of California's Office of the Chief Invest Officer (UC Investments) announced today (Sept. 16) that its assets under management increased to $132 billion in the fiscal year ending in June, up from $128 billion in the previous year. This increase in assets was driven by strong returns in venture capital and private equity Investments, as well as the addition of new Investments in technology, Real Estate, and hedge funds.
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The Packard Foundation's Invest in UC Merced is an important confirmation of our campus's deep research expertise in climate resiliency, sustainable agriculture and food systems, and data science. This Invest will help to support the university's efforts to promote the advancement of research and discovery and to prepare students for the careers of the future.
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