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Monday, June 29, 2009

A $4.3B Investment in Real Estate

On Monday, Blackstone Group (BX) said it had finished raising 3.1 billion euros, or $4.3 billion, for its Blackstone Real Estate Partners Europe III fund. (“BREP Europe III”)

The placement will aim to exploit the real estate recovery.

Blackstone had initially only sought to raise 2.5 billion euros for the fund, but found significantly more appetite for real estate risk in the current environment.

"BREP Europe III is well positioned to take advantage of the inevitable recapitalization of the property sector," said Chad Pike, Senior Managing Director of Blackstone.

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