Blackstone Raises $8.9B For Opportunistic European Property Fund, The Largest Ever

Venture capital, investment, cash, money, cash in hands, dollars

Blackstone Group closed on its new European commercial property fund after raising $8.9B (€7.8B) — the most ever raised for such a fund.

Blackstone aims to make double-digit returns by pursuing opportunistic deals that include buying in distressed European markets or acquiring properties in need of repositioning, the Wall Street Journal reports. The fund’s total buying power could near $27B, considering Blackstone typically uses a 70% leverage when making deals.

Blackstone Global Head of Real Estate Jonathan Gray told the WSJ investors are becoming more bullish on Europe, which he said could present challenges when it comes to finding good investments for the fund. Blackstone has been active in European property markets despite the last year of political turmoil and economic volatility. Last week Blackstone agreed to sell its European warehouse business, Logicor, to China Investment Corp. for €12.25B, marking Europe’s largest-ever property deal.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

UK Budget Risks Deterring Sovereign Wealth Funds From Real Estate

TPG, ACORE Raise Billions For Opportunistic CRE Funds

Newmark Cuts Earnings Outlook Despite Record Third Quarter

Battered Mortgage REIT Suspends Dividend To Preserve Cash

From Pandemic Darling To Cautionary Tale: Pickleball Clubs Face A Reckoning After Betting Big On Retail Space

Weil Gotshal Wind-Down Leaves 830K SF Hole In America's Office Market

Blackstone Mortgage Trust Reports Unexpected Q3 Net Loss

'Distress Is Finally Trading': Investors Chasing Big Discounts On Boston Office

Tyko Capital Sets New Record For Florida's Largest Construction Loan

Office Recovery Moving Faster Than Expected, CoStar Finds

How Microsoft, Coca-Cola And Amazon Are Adapting Their Offices For AI Age

Deutsche Bank's Asset Manager Needs To Sell To Meet Redemptions. Here's What It Owns