In the wake of a $4B investment earlier this month into Blackstone Real Estate Income Trust by the University of California—an infusion of funding widely viewed as a liquidity "reprieve" for the BREIT, which had to limit shareholder redemptions in Q4—UC now is getting pushback from its employee unions.
Unions representing an estimated 110,000 workers in the University of California system, the nation's largest, demanded in a letter made public on Friday that UC divest its Blackstone holdings, including the $4B pension fund investment, according to a report in Bloomberg.
According to the letter, the deal between UC and BREIT will worsen the shortage of affordable housing for students and employees.
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