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.