Blackstone Default Signals Commercial Real Estate Bubble Burst

Blackstone, the largest commercial real estate landlord on Wall Street, has defaulted on a €531m ($562m) bond backed by a portfolio of offices and stores owned by Sponda Oy, a Finnish landlord it acquired in 2018, after failing to obtain an extension from bondholders. The loan will now be transferred to a special servicer, with the news following Blackstone's decision to block investors from cashing out their investments at its $71bn real estate income trust, as it continues to grapple with a flurry of redemption requests.

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