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€3.1B Blackstone Fund Lifts Europe

LONDON-Funding was upped from €2.5 billion after investors realized more opportunities on the contient.

By Allan Saunderson | Updated on July 14, 2009

Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

LONDON-The European real estate sector has been strongly heartened by the announcement of the US-based private equity group Blackstone that it has made a final closing of Blackstone Real Estate Partners Europe III, targeting equity capital of over €3.1 billion at Europe, in the first instance UK and Germany.

The initial intended target sum was €2.5 billion but the group extended the funding. It said BREP Europe III will target property investments throughout Europe and has commitments from a diversified group of limited partners from around the world. Chad Pike, Co-Head of Blackstone Real Estate, said the capital has been raised from both existing and new investors.

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