Blackstone is seeking to raise around €10bn for a seventh European opportunistic real estate fund.

During a first-quarter earnings call, Blackstone’s president and chief operating officer Jonathan Gray said the company had launched Blackstone Real Estate Partners Europe (BREP) VII, a fund with a capital-raising target similar to the €9.8bn raised for the predecessor fund in 2020.

BREP VII is expected to have a first close in the second half of 2023, according to Gray.

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

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