ELTIF Liquidity Report 2026
This fund is covered in the ELTIF Liquidity Report 2026. Read the report ›
BlackstoneLU2339810876Class I-A-EUR
BEPIF invests in stabilised, income-rich European real estate with a debt allocation — Blackstone's real-estate evergreen for the wealth market, as a Luxembourg Part II structure, launched in 2021.
Monthly subscription and redemption, doubly capped per month and per quarter — measured against the aggregate assets of all parallel vehicles; redemptions in the first year are executed at a discount. Since late 2022 redemption requests have exceeded the limits; they are filled pro rata and the remainder is queued. The queue has shortened step by step since then but had not been cleared by mid-2026. The recommended holding period is eight years.
Subscription from EUR 25,000 for wealthy retail investors and intermediaries; in Germany currently through professional and semi-professional investors.
The third member of the Blackstone evergreen family in this database — the same aggregator mechanics as BXPE and ECRED, applied to real estate. Note on costs: interest and acquisition costs sit outside the reported ongoing charges — this page's cost table makes that transparent.
Figures for class I-A-EUR (LU2339810876) · product data 13 Oct 2026 · sources: prospectus (as at undated), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Oct 2021, the unit price has lost 3.9% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
63 monthly values · Source: secondary source (data portal), price feed / provider document · Price return excluding distributions · Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and dealing costs of reinvestment are not considered. Past performance is not a reliable indicator of future results. distributing, no distribution data — price return excluding distributions.
What the prospectus permits: approx. 90% of GAV in substantially stabilised, income-generating European real estate, in part through Blackstone Property Partners Europe (Lux) SCSp (BPPE, Core+ institutional fund); thematic concentration on logistics
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
13 holdings; the largest are The Arch Company (ArchCo), Mileway, Alaska Logistics Portfolio. 1.0% is held in the liquidity reserve — enough for less than one month of maximum redemptions.
How the reserve is invested: CMBS tranche, UK logistics portfolio 0.6%. It covers less than one month of the maximum net redemption (at most 24% per year under the gate) — what that means for redemptions is in 06.
Among the ten largest: 10 equity holdings.
The Arch Company is the largest owner of railway arches in the UK, with around 5,200 units and 1.5 million square meters of space, about 90% of it in London.
Mileway is a pan-European platform for urban last-mile logistics real estate founded by Blackstone, with around 13.7 million m² of space in more than ten countries …
Portfolio of UK logistics properties (warehouse and distribution space) with approximately 811,000 m² on a 100% basis, held jointly with an affiliated Blackstone vehicle.
Multi-country portfolio of logistics properties focused on Poland, with further assets in the United Kingdom, Germany, Spain and the Czech Republic.
Coldplay Logistics Portfolio is a German logistics real estate portfolio of the Blackstone European Property Income Fund (BEPIF), which holds 89.9%; 10.1% is held by a minority shareholder.
Italian portfolio of logistics properties wholly owned by the Blackstone European Property Income Fund (BEPIF).
Portfolio of ten newly built Grade A logistics properties totaling about 65,000 square meters in northern Italy …
Portfolio of two Dutch logistics properties: a building in Den Bosch of around 16,000 m² with a weighted average remaining lease term of seven years …
Modern office building in Dublin with about 32,000 m² of space and LEED Gold certification.
Office building in Birmingham, United Kingdom, with around 30,000 m² of space and a BREEAM "Very Good" certification.
Positions and shares according to the provider; weights of the holdings are not reported; short descriptions by semiliquid.info from public sources; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 0.70%, class I-A-EUR is well below the median of the asset class (2.42%). On top comes a performance fee of 12.50% above a hurdle of 5% — with a high-water mark.
For 25,000 EUR this means roughly 175 EUR per year.
For 25,000 EUR, a one-off up to 875 EUR on purchase and up to 1,250 EUR on redemption.
Based on the PRIIPs key information document of class I-A-EUR, hence comparable across providers. Median: 6 Real Estate funds in this database, data run 16 Oct 2026.
Units can be subscribed monthly. The price is the NAV at the end of the previous month — it is not known when the order is placed.
KYC/AML check part of the acceptance requirement, hence 4 business days before the …
the notice period may be waived by the SICAV (unless waived).
Price = NAV at the end of the previous month.
NAV as at the last calendar day of the month, available by the 15th calendar day of the …
pre-funding: 4 business days before dealing day
An order placed today is invested in — days (—); the money is due on —. Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Dealing day | 1st calendar day of the month |
| Cut-off | 4 business days before dealing day · 17:00 CET · (before the anchor date) |
| Price | previous month-end |
| NAV publication | NAV as at the last calendar day of the month, available by the 15th calendar day of the following month |
| Payment | pre-funding: 4 business days before dealing day |
| Minimum investment | 25000 EUR |
| KYC / documents | KYC/AML check part of the acceptance requirement, hence 4 business days before the Subscription Date |
| Revocation | Revocation until 17:00 CET on the last business day before the Subscription Date |
| Business day | Business Day = any day on which the securities markets in Luxembourg, the US, France and the UK are open (glossary p. 87) |
Dates calculated from the prospectus rules (bank holidays: FR, GB, LU, US); only the transfer agent’s confirmation is binding. Data as at 13 Oct 2026 · Documents: 08.
Units can be redeemed monthly — with a volume limit (Gate) and without a lock-up. How quickly the money arrives and what happens if many want out at once is set out below.
Gating means the fund meets redemption requests only in part. If net redemptions in a period exceed the limit set in the prospectus, all requests are scaled back pro rata — the unmet portion stays in a queue. This is not a default but protection for remaining investors against forced sales in an illiquid portfolio; it does, however, lengthen the exit considerably.
Details of the ongoing limitation · as at 13 Oct 2026 · sources: Semi-annual report BEPIF Feeder SICAV 30 Jun 2026, Note 9 (Redemptions): redemptions paid in H1 2026 EUR 69.4 million (Feeder SICAV 52.0 million), outstanding on 30 Jun 2026 EUR 31.2 million (Feeder 24.9 million; 31 Dec 2025: 40.3 and 39.1 million respectively); 1 Jul–31 Aug 2026 paid EUR 27.0 million, outstanding up to the redemption date 31 Aug 2026 EUR 24.0 million; going-concern section: “the Group had … Earlier limitations are not shown here: the history before the current episode has not been conclusively verified.
Redemption request by 17:00 CET on the 1st business day of the month of the redemption day.
NAV per unit less redemption fee (up to 5%)
max. 2% of the aggregate NAV per calendar month and, in addition, max.
redemption day
A request made today is paid out on — — — days.
Shown without a date because the prospectus does not quantify: cut-off. The remaining markers are calculated from the prospectus rules.
Money typically within half a year — on average 103 days from decision to cash.
Rank 78 of 112 · rank 3 of 4 in Real Estate · no lock-up · exit costs of 5.0% included
Money typically within half a year — on average 103 days from decision to cash.
no lock-up · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · score run 16 Oct 2026 · How 103 days become 12 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.
| Character | redemption right |
|---|---|
| Frequency | monthly |
| Valuation day | last calendar day of the month |
| Notice | 17:00 CET · (counted from month-start) |
| Price | valuation day |
| Payout | 60 calendar days after redemption day |
| Gate | 2% gross of net assets of the previous period per month; 5% per calendar quarter based on the average NAV of the three preceding months. |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 5% (12 months, cliff (lapses after the period)) |
| Lock-up | none |
| Suspension | Exceptional circumstances; valuation not possible; investors' interests |
| Liquidity tools | Suspension, redemption limit/gate, Early Redemption Deduction, redemption in kind; further Annex V LMTs possible |
| Switch / transfer | Transfer permitted, no secondary market; units may be redeemed at only 95% of NAV within one year of the transfer |
| Compulsory redemption | Compulsory redemption where the minimum holding is not maintained, in the case of Prohibited Persons and on termination of a sub-fund/class |
max. 2% of the aggregate NAV per calendar month and, in addition, max. 5% per calendar quarter - in each case by reference to the aggregate NAV of all parallel vehicles and of the BEPIF Aggregator (excluding the 'Selected Parallel Entities'), not to the sub-fund NAV
The 2% monthly limit is measured against the aggregate NAV of all parallel vehicles and of the BEPIF Aggregator (measured as at the end of the preceding month), not against the NAV of this sub-fund. In addition, a quarterly limit of 5% of the same aggregate NAV applies (average of the three preceding month-end values). The 'Selected Parallel Entities' are disregarded in each case.
Dates calculated from the prospectus rules (bank holidays: FR, GB, LU, US); only the transfer agent’s confirmation is binding. Data as at 13 Oct 2026 · Documents: 08.
4 classes. All cost and risk figures on this page refer to the basis class I-A-EUR.
PRIIPs KID ✓: a key information document exists and is the source of the costs. —: no KID documented — the class is distributed outside the EEA or to investors not covered by the KID requirement, or the document is not available.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Prospectus | Apr 2026 | — |
| Key information document (PRIIPs KID) | 5 Feb 2026 | — |
| Factsheet / monthly report | 30 Jun 2026 | — |
| Annual / semi-annual report | 31 Dec 2025 | — |
| NAV series secondary source (data portal), price feed / provider document | 31 Aug 2026 | Performance (01) |
| Positions and reserve | 31 Dec 2025 | Portfolio (03) |
All figures are taken from provider documents (product data as at 16 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.
Pro-rata scale-back with queue since Dec 2022: redemptions are currently met only in part. Details under “Redemption & liquidity”.
Ongoing costs of 0.70% p.a. according to the PRIIPs KID for class I-A-EUR; the median of the Real Estate funds in this database is 2.42%; plus a performance fee of 12.50%.
25,000 EUR in class I-A-EUR.
Not as a retail investor. According to our evidence, in Germany it is open only to semi-professional investors (as at 5 Oct 2026). The Access check shows the details.
Yes. Pro-rata scale-back with queue since Dec 2022 (as at 13 Oct 2026). Details under “Redemption & liquidity”.
Same asset class, similar sub-strategy.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.