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Blackstone and Starwood symptoms rather than causes

On the face of it, the news of unlisted REITs reaching redemptions limits suggests cause for concern as it could point to forced sales over the coming months. However, both BREIT and SREIT have solid cash balances that can last through at least three more quarters without needing to sell assets. We therefore believe this to be more a symptom of troubles elsewhere and differences between the performance of listed REITs and unlisted vehicles, rather than a likely cause of a more substantial property market crash.

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