KKR became the latest non-traded REIT to close the spigot on redemptions after revealing in a regulatory filing this week that investors sought to withdraw more than 8% of KKR Real Estate Select Trust's (KREST) estimated $1.6B in assets during the past three months.
KKR said the KREST redemption requests far exceeded its 5% quarterly limit in the past three months. The REIT limited withdrawals to 62% of the requests, the company said in its filing, Barron's reported.
KREST joins Blackstone Real Estate Income Trust (BREIT), the largest non-traded REIT by far, and Starwood Real Estate Income Trust (SREIT) in limiting withdrawals after quarterly and monthly redemption limits were breached.
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