Blackstone holds €7.8b final close on fifth European fund
Blackstone has held a €7.8 billion ($8.6 billion) final close on its fifth European opportunistic real estate fund, Blackstone Real Estate Partners Europe V, exceeding its $7 billion fundraising target.
Together with commitments from Blackstone and its affiliates, Blackstone Real Estate Partners Europe V is the largest ever dedicated European Real Estate fund.
“The fund is already over 20 percent invested or committed, and we continue to see compelling opportunities to deploy capital across the continent, while delivering certainty to sellers and adding value to our properties,” said Anthony Myers, head of real estate Europe at Blackstone.
Blackstone Real Estate Partners Europe V, which opened in first quarter 2016, plans to invest 60 percent of the capital into the core European markets of the United Kingdom, Germany and France and the remainder in noncore European countries across the office, industrial, residential, retail and hospitality sectors.
Blackstone has approximately $102 billion in investor capital under management.