PC Connection's Bluerock to Transition TI+ to Listed Closed-End Fund for Greater Liquidity
- Bluerock plans to transition the TI+ fund to a listed closed-end fund, enhancing liquidity and capital deployment.
- The Board of Trustees unanimously supports the transition, aiming to position TI+ as the largest real estate-focused listed fund.
- Bluerock will eliminate quarterly repurchase offers, creating a more dynamic investment vehicle for real estate opportunities.
Bluerock's Strategic Move: Transitioning TI+ to a Listed Closed-End Fund
Bluerock's recent endorsement from prominent independent proxy advisory firms, Institutional Shareholder Services Inc. (ISS) and Glass Lewis & Co., marks a significant development in its efforts to enhance the Bluerock Total Income+ Real Estate Fund (TI+). The proposal seeks to transition TI+ from a closed-end interval fund to a listed closed-end fund on the New York Stock Exchange, a move that promises to increase daily liquidity and allow for more nimble capital deployment in the competitive private real estate market. This strategic alteration is designed to bolster the fund’s operational flexibility and responsiveness to market opportunities, aligning with Bluerock's long-term vision of delivering value to its shareholders.
The proposed conversion has garnered unanimous support from the Fund's Board of Trustees, emphasizing the internal consensus on the benefits of this strategic shift. Should shareholders approve the change at the upcoming special meeting scheduled for September 3, 2025, TI+ is poised to become the largest real estate-focused listed closed-end fund globally. The transition is not merely about size; it represents an important evolution in how Bluerock manages its assets and positions itself within the broader financial landscape. Ramin Kamfar, Bluerock's Founder and CEO, expresses optimism regarding this initiative, viewing the endorsements as a validation of the fund’s potential to enhance shareholder value and engage a broader investor base.
As part of this proposed transition, Bluerock intends to eliminate the Fund's fundamental policy of making quarterly repurchase offers. This shift underscores a commitment to creating a more dynamic investment vehicle that can better navigate the complexities of real estate investment. The ability to respond quickly to market changes could significantly enhance Bluerock's positioning in the real estate sector, enabling it to capitalize on emerging opportunities and potentially increase the overall attractiveness of TI+ to investors. Shareholders are encouraged to review the detailed information available on the dedicated proxy website or through public filings to fully understand the implications of this significant change.
In addition to the strategic conversion of TI+, Bluerock's commitment to delivering predictable income, capital growth, and tax benefits remains a cornerstone of its operations. With over $19 billion in assets under management, Bluerock continues to leverage its extensive experience in the investment sector to provide innovative solutions for its clients. The upcoming shareholder vote will be a pivotal moment, not just for the TI+ fund, but for the company's trajectory in the alternative asset management landscape.