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Blackstone hauls in $20.5bn for largest global real estate fund

Thursday, September 12, 2019

Laxman Pai, Opalesque Asia:

U.S. private equity firm Blackstone Group said has raised the largest ever real estate fund, amassing $20.5bn to be invested in property assets around the world.

Blackstone is also currently investing two regional opportunistic funds, the EUR7.9bn BREP Europe V and the $7.2bn BREP Asia II.

The New York-listed firm, which had $153.6bn in real-estate assets under management at the end of the second quarter, has been the world's leading real-estate fundraiser.

Blackstone said in a statement the fund, named Blackstone Real Estate Partners IX (BREP IX), has already made its first investment: the purchase of U.S. industrial warehouse properties from Singapore-based logistics provider GLP for $18.7bn.

This deal is likely to be completed in coming weeks, the private equity firm said.

Kathleen McCarthy, Global Co-Head of Blackstone Real Estate, said, "This fundraise reflects the excellent relationships we have with our limited partners given the strong results the BREP funds have generated for them since 1991. We are grateful to our investors for their ongoing support and look forward to putting this capital to work on their behalf."

Added Ken Caplan, Global Co-Head of Blackstone Real Estate: "Despite the challenging investment environment, we continue to see compelling opportunities around our highest conviction investment themes. BREP IX's scale allows us to commit capital globally in a differentiated set of complex transactions......................

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