The Blackstone Group has closed its fourth European Real Estate Fund at its cap of $7bn (€5bn), the largest dedicated fund for the continent.
The US group raised the funds in six months, its head of European real estate, Ken Caplan said.
Blackstone’s portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe and Asia. The firm manages real estate private equity funds as well as alternative asset management businesses including private equity, hedge fund solutions, non-investment grade credit, secondary funds, and multi asset class exposures.
In January this year, Blackstone made its first foray into core US real estate with a $968m (€709m) investment in the EDENS Investment Trust, a privately held retail real estate investment company.