Nontraded REITs raise $2.3b in March
Nontraded REITs raised $2.253 billion in March, just short of their pre-pandemic record monthly high, and marking their first month above the $2 billion mark since the pandemic began, reported Robert A Stanger & Co.
First-quarter 2021 fundraising totals $5.058 billion, up from $4.2 billion in fourth-quarter 2020. “Non-traded REIT fundraising has bounced back to pre-pandemic levels. First-quarter fundraising of $5 billion supports our previous projection of a record-breaking $20 billion year,” according to Kevin Gannon, chairman and CEO of Robert A. Stanger & Co., Inc.
Blackstone Group leads first-quarter 2021 fundraising with $3.627 billion, followed by Starwood Capital with $856 million. Black Creek Group has raised $222 million in sales, followed by Hines Interest ($115 million) and Nuveen LLC ($91 million).