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Real Estate - JANUARY 20, 2021

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Non-listed REIT fundraising hits $10.8b in 2020

by Robert A. Stanger & Co., Inc.

The non-listed REIT market raised $1.1 billion in December 2020, its highest total since February, and a 30 percent increase from $859 million in November. Strong fourth-quarter sales of $2.6 billion, lifted full-year 2020 fundraising to $10.8 billion, off only 8.5 percent from 2019.

The report expects fundraising will continue to strengthen and currently projects 2021 non-listed REIT fundraising to reach $15 billion.

Blackstone Group topped 2020 fundraising with $7.784 billion, followed by Black Creek Group with $1.052 billion in sales of its Lifecycle ($949 million) and NAV ($103 million) products, aided by the recycling of distributions from its liquidation of Industrial Property Trust. Starwood Capital Group raised $966 million, followed by LaSalle Investment Management ($292 million) and Hines Interest ($221 million). These five sponsors accounted for 95 percent of all non-listed REIT fundraising in 2020.

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