For Blackstone's Property Fund, Resilient Valuations Might Have a Downside.

Blackstone's property fund, Breit, faced significant investor withdrawals of over $13 billion last year. However, the fund has limited redemptions to avoid having to sell properties quickly. Withdrawals have slowed, and if current trends continue, Breit should be able to meet investors' redemption requests in full in the first quarter of this year. Despite the challenges, Breit outperformed its rivals in terms of investment performance in 2023. However, its resilient valuations may make it difficult to attract investors back if they believe they can find similar properties at lower prices elsewhere. [Extracted from the article]