Blackstone has closed its latest global real estate fund, Blackstone Real Estate Partners VIII, at $15.8bn. The fund will make opportunistic investments across all regions. The capital has been raised predominantly from the private equity fund manager’s existing investors.
BREP VIII has already committed 20% of the fund. Its existing deals include $3.3bn of US offices bought from GE Capital in April and Strategic Hotels & Resorts, for which it agreed a $4bn deal last month. Blackstone will have used debt to complete both deals.
Jon Gray, Blackstone’s global head of real estate, said: “We are grateful to our limited partners for their continued support and remain committed to delivering favourable returns. The size of this fund gives us the ability to commit capital in scale with speed and certainty.”
In addition to BREP VIII, Blackstone manages the $8.2bn Blackstone Real Estate Partners Europe IV fund and the $5bn Blackstone Real Estate Partners Asia.
