GREENWICH, CT—Starwood Capital Group is going the non-traded REIT route with plans to launch Starwood Real Estate Income Trust, according to an SEC filing. It plans to raise $5 billion in both common stock and distribution reinvestment plan shares; the offering has not been scheduled as yet.

The new vehicle's focus will be on acquiring the fee interests in real estate, real estate-related debt—other than that already covered by Starwood's debt REIT, Starwood Property Trust—and real estate-related securities directly in both the US and Europe. “We may also make investments indirectly through joint venture entities, including joint venture entities in which we do not own a controlling interest and joint venture entities in which other Starwood accounts may invest,” according to the registration statement.

PERE reported that the Blackstone Group, LaSalle Investment Management and a few other institutional asset managers have non-traded REITs in the fundraising market. Blackstone launched Blackstone Real Estate Income Trust in August 2016, and had raised $1 billion as of this past June 30. LaSalle's JLL Income Property Trust had a portfolio of 69 properties as of Sept. 30, according to PERE.