Blackstone has defaulted on a bond by Finnish company which had a portfolio of rental office spaces and commercial real estate. This comes amid rising interest rates in Europe which is having a significant impact on the property values. Blackstone's BREIT which is an unlisted real estate fund having $71bn AUM has restricted withdrawals for 4 straight months now.
Times are looking tough for real estate among these rising interest environments and as the World's largest asset when it faces headwinds the economy is sure to feel its impact.
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