Major global banks have historically been the biggest customers for CLOs, but the ones that put the deals together didn’t use to be significant investors in their own vehicles.

Blackstone Real Estate Income Trust Inc. has been facing withdrawal requests exceeding its quarterly limit, a major test for the one of the private equity firm’s most ambitious efforts to reach individual investors.

The 16-acre (6.5-hectare) parcel, once home to the Miami Herald newspaper, is one of the largest undeveloped pieces of land along the city’s waterfront. The property sits on Biscayne Bay, across from Miami Beach and near art and concert venues.

Companies including Vonovia SE, Land Securities Group Plc and Unibail-Rodamco-Westfield have announced plans to sell large chunks of their portfolios to shore up balance sheets, but rampant inflation and rapidly rising interest rates are deterring...