Global private equity player The Blackstone Group has closed its latest real estate fund, Blackstone Real Estate Partners Europe III, on Euro 3.1 billionn, exceeding its initial target of Euro 2.5 billion.
The fund will target property investments throughout Europe.
“We are very pleased to have received this further vote of confidence from both existing and new Blackstone investors,” says Chad Pike, senior managing director and co-head of Blackstone Real Estate. “BREP Europe III is well positioned to take advantage of the inevitable recapitalisation 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 USD 28 billion.
Blackstone is reportedly planning to set up a Chinese subsidiary that will manage a yuan-denominated private equity fund.
The move comes after the firm expressed an interest in buying a stake in Beijing-based Huiyuan Juice Group, a company that manufactures fruit juices.
D.C.