Blackstone Inc. and Wells Fargo & Co.; took steps this week to contend with weaker demand as the industry faces a rapidly cooling property market, rising interest rates and waning investor appetite.
The well-heeled investors in the $69 billion Blackstone Real Estate Income Trust Inc. learned Thursday the fund will limit withdrawals as people seek to pull money from what’s been a cash magnet for one of the largest owners of real estate globally. Also Thursday, Wells Fargo, the biggest home loan originator among US banks, confirmed it’s cutting hundreds more mortgage employees as soaring borrowing costs crush demand.
