Blackstone has reached a €9.8bn (£8.4bn) final close of its latest European real estate fund, which it said is the largest European real estate drawdown fund ever raised based on third party capital commitments.
Blackstone Real Estate Partners Europe VII will take advantage of “an opportunity-rich environment”, the firm said.
James Seppala, Blackstone’s head of European real estate, said: “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. 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.”
