US private equity giant Blackstone is targeting $5 bn (€3.7 bn) for a new European real estate fund, the company's fourth in Europe, according to a news report by the Financial Times.
US private equity giant Blackstone is targeting $5 bn (€3.7 bn) for a new European real estate fund, the company's fourth in Europe, according to a news report by the Financial Times.
New York-based Blackstone has started the process of raising the fund in an effort to take advantage of growing opportunities in Europe's property market.
Blackstone is already seeking to take control of Dutch shopping centre developer Multi Corporation and recently teamed up with Ivanhoe Cambridge to buy loans backed by a stake in French REIT Gecina.
Blackstone's third European fund, which raised €3.1 bn of equity, is understood to be nearly fully invested.
According to press reports, the investment group is also selling its half share in the Broadgate Estate in the City of London for an estimated £1.7 bn, in what would be the largest single asset sale by value in the UK ever.
Sovereign wealth fund GIC is reportedly under contract to acquire the interest in the estate, which includes 16 office buildings and 372,000 m2 of space, including restaurants, pubs, stores and health clubs.
Blackstone bought the stake in 2009 with a cash payment of £77 mln and the assumption of £987 mln of debt.
British Land owns the remaining interest in Broadgate.
