Investing
KKR Caps Withdrawals on Real Estate Trust in Latest Pullback
- Requests for redemptions hit 8.1%, above 5% quarterly limit
- KREST CEO says trust has “strong” liquidity position
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KKR & Co. joined rivals including Blackstone Inc. in limiting withdrawals from a real estate investment trust after investors sought to pull out more money.
KKR Real Estate Select Trust received requests in the first-quarter tender offer period to repurchase 8.1% of its net asset value, exceeding the 5% quarterly limit, according to a filing Wednesday. The trust fulfilled 62% of each shareholder’s request. KKR’s stock dropped 5.7% to $49.98 at 12:12 p.m. in New York Thursday.