University of California to invest $500m in Blackstone Real Estate Income Trust.

University of California agreed to invest $500m in Blackstone Real Estate Income Trust, a real estate investment trust of Blackstone. This new investment, which is expected to close on March 1, 2023, at BREIT's public offering price on that date, will have the same structure, terms, and fees as UC Investments' initial $4bn investment, including an effective 6-year minimum hold period.