Blackstone has raised an initial $1.3bn (€1.2bn) for its latest European opportunistic real estate fund.

During a second-quarter earnings call, Blackstone’s president and COO Jonathan Gray said Blackstone Real Estate Partners Europe (BREP) VII, which received the capital commitments at its first close, is expected to have second closing later this month.

Back in April, Blackstone revealed it was seeking to raise around €10bn for BREP VII, a fund with a capital-raising target similar to the €9.8bn raised for the predecessor fund in 2020.

As previously reported, the Teacher Retirement System of Texas and the New Mexico State Investment Council made commitments to BREP VII.

Blackstone’s dedicated Europe opportunistic real estate fund series seeks to acquire under-managed, well-located assets across the continent.

To read the latest edition of the latest IPE Real Assets magazine click here.