The Blackstone Group (NYSE:BX) today announces the final closing of its
latest real estate fund, Blackstone Real Estate Partners Europe III
(“BREP Europe III”).
The closing brings to the fund total equity capital commitments of over
€3.1 billion. The initial intended target was €2.5 billion. The fund
will target property investments throughout Europe and is composed of
commitments from a diversified group of limited partners from around the
world.
Chad Pike, Senior Managing Director and Co-Head of Blackstone Real
Estate said: “We are very pleased to have received this further vote of
confidence from both existing and new Blackstone investors. BREP Europe
III is well positioned to take advantage of the inevitable
recapitalization of the property sector. Given the continued
deterioration in the global economy and the lagging nature of the real
estate market, we will remain disciplined and cautious in deploying this
capital over the coming years.”
Since The Blackstone Group started its real estate investment business
in 1997, the firm has raised a total of over $28bn.
The Blackstone Group was assisted in its fund-raising by The Park Hill
Group, a Blackstone affiliate.
About Blackstone Real Estate
In 1992, Blackstone formed its Real Estate Group, which closed its first
fund with $338 million. Today, our Real Estate business has AUM of
approximately $23 billion and is the largest owner, operator and
franchisor of hotels in the world, with approximately 3,800 individual
properties and around 615,000 rooms in total. Our hotel brands cover all
segments of the industry, ranging from limited service to super-luxury.
We have also become one of the largest owners of office buildings in the
U.S., with approximately 52m sq. ft. of office space. Additional
holdings also include retail properties, distribution and warehousing
facilities and a variety of real estate operating companies.
In 2007 Blackstone established Blackstone Real Estate Special Situations
Advisors (BSSF) to target global non-controlling debt and equity
investment opportunities in the public and private markets. Its
investment portfolio is expected to consist of a variety of real
estate-related securities, including mezzanine debt, publicly traded
debt securities, whole loans, preferred equity, bridge equity, publicly
traded equity securities and joint venture equity
About The Blackstone Group
Blackstone is one of the world’s leading investment and advisory firms.
We seek to create positive economic impact and long-term value for our
investors, the companies we invest in, the companies we advise and the
broader global economy. We do this through the commitment of our
extraordinary people and flexible capital. Our alternative asset
management businesses include the management of corporate private equity
funds, real estate funds, funds of hedge funds, credit-oriented funds,
collateralized loan obligation vehicles (CLOs) and closed-end mutual
funds. The Blackstone Group also provides various financial advisory
services, including mergers and acquisitions advisory, restructuring and
reorganization advisory and fund placement services. Further information
is available at www.blackstone.com.
The Blackstone Group, New York
Peter Rose, +1 212 583 5871
rose@blackstone.com
or
The
Blackstone Group, London
Helen Winning, +44 (0)20 7451 4344
winning@blackstone.com
