Broadstone Real Estate Access Fund Announces Liquidating Distribution
NEW YORK–(BUSINESS WIRE) – The Broadstone Real Estate Access Fund (“BDREX” or the “Fund”), a closed-ended interval fund registered under the Investment Company Act of 1940, announced a liquidation distribution of $ 3.1593 per share for Class I and Class W at. This corresponds to a distribution of US $ 16 million or 34% of the Fund’s Net Asset Value as of April 19, 2021. The distribution is payable on April 22, 2021 to registered shareholders on April 19, 2021. BDREX is managed by Benefit Street Partners, LLC (“BSP”).
As announced on March 4, 2021, the Fund’s Board of Trustees approved a plan to liquidate and dissolve the Fund and return capital to the Fund’s investors. The Fund is closed to new investors and shares in the Fund can no longer be purchased, including shares purchased through the Fund’s automatic investment plan.
ALPS Fund Services, Inc. and ALPS Distributors, Inc. are the administrators and distributors of the Fund, respectively. DST Systems, Inc., the Distributor’s parent company, is acting as the transfer agent for the Fund. UMB Bank, NA acts as the fund’s custodian.
About the Broadstone Real Estate Access Fund:
BDREX is a closed-ended, interval fund registered under the Investment Company Act of 1940 that uses investor capital in a diversified pool of actively managed real estate holdings and mixes investments into direct, individual real estate transactions. private real estate funds; and public real estate papers. Investors can benefit from the fund’s access and diversification, as well as its periodic liquidity and daily pricing characteristics.
Important specifications:
AN INVESTOR SHOULD CAREFULLY CONSIDER THE FUND’S INVESTMENT OBJECTIVES, RISKS, FEES AND EXPENSES BEFORE INVESTING. For a prospectus containing this and other information, please contact your financial advisor or visit WWW.BDREX.COM. THE BROCHURE SHOULD BE READ CAREFULLY BEFORE INVESTMENT.
An interval fund like BDREX is a closed investment company that regularly offers to buy back its shares from shareholders. The number of shares that BDREX is offering for repurchase is determined every quarter by the Board of Trustees. Buybacks within 90 days of purchase may be chargeable. There is no guarantee that an investor will be able to sell all of the stocks that the investor may wish to sell in a buyback offer.
The Fund’s shares will not be listed on a stock exchange and a secondary market is not expected to develop. An investment is not suitable for investors who require liquidity. Investing in BDREX involves risks, including loss of capital and other risks, which are set out in the “Risk Factors” section of the Prospectus.
Because BDREX’s direct real estate investments are relatively illiquid, the Fund may not be able to change its portfolio if economic and other conditions change, which could result in losses for the Fund. The bankruptcy, bankruptcy or financial deterioration of any of the tenants of the Fund’s direct real estate investments could significantly delay the ability to collect unpaid rents or require the Fund to find new tenants. With respect to BDREX’s investments in private real estate mutual funds, the Fund may not have sole decision-making power over these funds and may not be able to take any action to protect its interests in these investments. The Fund may be exposed to additional risks if it fails to call capital from a private real estate mutual fund and the underlying fund pursues investment strategies that are competitive or inconsistent with those of the Fund. BDREX’s investments in the securities of publicly traded REITs are subject to the risks that directly affect those REITs.
BDREX is distributed by ALPS Distributors, Inc. (ALPS). ALPS is not affiliated with BDREX, Benefit Street Partners LLC or UMB Bank, NA.
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1 Part of the distribution made by the Fund is a repayment of the money originally invested by the Shareholders and constitutes a return of capital to the Shareholders for tax purposes which will result in an increase in its profit (or a decrease in its loss). in the event of a later sale of shares. A Shareholder must have an investment in the Fund on April 19, 2021, the cut-off date of the distribution in order to receive the distribution.