Blackstone has held a final close for its latest European real estate fund, Blackstone Real Estate Partners Europe VII (BREP Europe VII).

The fund has raised €9.8 billion of total capital commitments, making it the largest European real estate drawdown fund ever raised based on third-party capital commitments.

“We are extremely proud to have raised Europe’s largest real estate drawdown fund ever during what has been a period of exceptional dislocation in the industry, particularly in Europe,” says James Seppala, head of European real estate, Blackstone. “The real estate recovery is coming into view, and we are grateful that our limited partners have entrusted us with substantial capital to seek to capture opportunities through our time-tested, high conviction investment process.”

StepStone Real Estate has also announced the final closing of its StepStone Real Estate Partners V (SREP V) fund, its fifth flagship vehicle dedicated to GP-led secondaries