Blackstone will mark its return to the traditional commercial property market in Europe today by closing on the €3.1bn (£2.6bn) Blackstone Real Estate Partners Europe III Fund, which is larger than expected.
The new fund will mainly target over-leveraged traditional real estate which had been bought at peak levels and aggressively financed.
Chad Pike, senior managing director and co-head of Blackstone Real Estate, said the main opportunities were likely to be in the UK and Germany. The Financial Times says the fund launch signals the start of the private equity group’s hunt for opportunist purchases.
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