The global private equity giant accumulated €7.8bn for the "opportunistic" fund, becoming the greatest European property fund, according to the Spanish Real Estate.
Anthony Myers, Blackstone head of Real Estate in Europe, said “we are grateful to our limited partners for their continued support. The fund is over 20% invested or committed. We continue to see compelling opportunities to deploy capital across the continent, while delivering certainty to sellers and adding value to our properties”, quoted the same source.
This fund bids to deliver double-digits returns to their investors, according to sources close to the process in statements to Reuters. It will follow an “opportunistic” approach, targeting riskier properties. Blackstone often uses up to 70% leverage when buying real estate assets, meaning the new fund could have a total buying power of €24bn, stated to Reuters.