Blackstone to launch European real estate fund
The Blackstone Group is launching a new European real estate fund, according to board meeting documents from the $19.9 billion San Francisco City and County Employees’ Retirement System.
Blackstone Real Estate Partners Europe V is seeking to raise €7 billion ($7.5 billion) and will target office, industrial, residential, retail and hospitality properties. At least 60 percent of the opportunistic fund will be invested in the United Kingdom, France and Germany, while the rest will be invested throughout the remaining parts of Europe. Blackstone expects to hold a first close for BREP Europe V in February 2016, according to the pension fund.
BREP Europe IV held a final close of $6.6 billion in March 2014. The fund received commitments from the