Blackstone holds first close for seventh European opportunistic real estate fund

Blackstone has held a first close of $1.3 billion for its seventh European opportunistic real estate fund, Blackstone Real Estate Partners Europe VII, said Jon Gray, president and COO, in the transcript of the firm’s earning call held on July 20, 2023.

Blackstone’s dedicated Europe opportunistic real estate fund series seeks to acquire undermanaged, well-located assets across the continent.

The firm expects another close later this month. Overall, Blackstone raised nearly 75 percent of its $150 billion real estate target for its flagships and remains on track to substantially achieve it by early 2024.

Gray said the firm is “most active in is actually European real estate, particularly in logistics, because the sentiment around European real estate is so negative.” He added, “I think we're in a moment where everybody is extrapolating w