Blackstone chief defends real estate fund amid rush for withdrawals

Investors nervous about Blackstone’s real estate investment trust should view it as a long-term vehicle that’s well positioned for the future, the firm’s president said Thursday.

Blackstone has taken heat over the past week for limiting withdrawals from the $69 billion private REIT, the Blackstone Real Estate Income Trust, or BREIT. That move followed redemption requests that exceeded previously set limits. The company’s stock has fallen 8% over the past five days amid a controversy that included a Barclays downgrade of the alternative investment firm.

Blackstone President and Chief Operating Officer Jon Gray defended the positioning and structure, noting that investors knew BREIT had…