Blackstone Real Estate Income Trust Inc. upsized its best-efforts offering to $10.00 billion in common shares, from its previous offering of $5 billion in common shares.
The nontraded real estate investment trust plans to roll over unsold shares from its previous registration statement into this one.
The REIT will offer up to $8.00 billion in shares of common stock in its primary offering and up to $2.00 billion in shares of stock under a distribution reinvestment plan. The REIT will offer four classes of shares — classes T, S, D and I — which have varying selling commissions, dealer-manager fees and ongoing servicing fees.
The company intends to use the proceeds from the blind pool offering to make investments in line with its investment strategy and policies, cut borrowings and repay debt, and fund repurchases under its share repurchase plan.
Blackstone Advisory Partners LP is the dealer manager for the offering, with BX REIT Advisors LLC as the REIT's adviser.
