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Blackstone holds $7b close
The Blackstone Group has raised $7 billion for its fourth European real estate fund, making it one of the largest dedicated European real estate funds. The opportunistic-style fund closed about six months after it launched.
Blackstone Real Estate Partners Europe IV will invest in a wide variety of property types throughout Europe. It will purchase high-quality distressed properties to turn over as core properties once they have been stabilized.
The firm has held many billion-dollar-plus closes. The fund’s predecessor, Blackstone Real Estate Partners Europe III, closed in 2009 with $3.41 billion in equity commitments. Recently, the firm has been one of many firms successfully marketing mega-funds after the global financial crisis.
According to the IREI FundTracker database, Blackstone Real Estate Partners VII