The move has been made by the alternatives giant as investors grow concerned about the long-term health of the commercial property market, the FT has reported.
Roughly 70% of the redemption requests have come from Asia, an outsized amount given all non-US investors only represent around 20% of the total assets of the Blackstone Real Estate Income Trust fund.
Fitch: UK property funds liquidity pressures could accelerate LTAF adoption
Over October, the fund received $4.8bn of redemption requests, roughly 2.7% of its net asset value, while in November and December these requests have grown to exceed the quarterly limit.
Last month, the fund only allowed investors to withdraw $1.3bn, just 43% of the requests it received.
In a statement, a Blackstone spokesperson said: "Our business is built on performance, not fund flows, and performance is rock solid."