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Blackstone Secures $6B for Distressed Property Fund

NEW YORK CITY-Media reports show that the New York-based private equity giant is taking advantage of distressed sites throughout the US.

By Jacqueline Hlavenka | Updated on January 24, 2012

NEW YORK CITY-After closing out 2011 by acquiring a $2 billion loan portfolio from the Royal Bank of Scotland, private-equity giant the Blackstone Group is planning its 2012 strategy. Unnamed sources told Bloomberg that the firm is raising $6 billion of capital for a new commercial real estate property fund that will primarily focus on distressed assets.

The sources, who declined to be indentified due to the private nature of the discussions, says the firm plans to raise approximately $10 billion for the fund, which will be called Blackstone Real Estate Partners VII. The firm named Jonathan Gray as head of global real estate and Chad Pike, a vice chairman of Blackstone Europe, to manage the fund, Bloomberg said.

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