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«The Blackstone Group today announces the final closing of its latest real estate fund, “Blackstone Real Estate Partners Europe III” (“BREP Europe III”).
The closing brings to the fund total equity capital commitments of over €3.1 billion.
The initial intended target was €2.5 billion. The fund will target property investments throughout Europe and is composed of commitments from a diversified group of limited partners from around the world.
Chad Pike, Senior Managing Director and Co-Head of Blackstone Real Estate said: “We are very pleased to have received this further vote ofconfidence from both existing and new Blackstone investors. BREP Europe III is well positioned to take advantage of the inevitable recapitalization of the property sector. Given the continued deterioration in the global economy and the lagging nature of the real estate market, we will remain disciplined and cautious in deploying this capital over the coming years.”
Since The Blackstone Group started its real estate investment business in 1997, the firm has raised a total of over $28bn .
The Blackstone Group was assisted in its fund-raising by The Park Hill Group, a Blackstone affiliate». ( CS della Società)
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