Blackstone has completed a €5.5bn (£4.3bn) first close for its latest European real estate fund.
Blackstone Real Estate Partners Europe (BREP V) was launched in November last year with an initial fundraising target of €6.1bn.
Its predecessor fund, BREP IV, totalled $7.5bn when fundraising finished in 2014.
The close is the latest in a string of fundraising coups for Blackstone. Most notably, in September last year Blackstone closed the largest real estate fund in history – Blackstone Real Estate Partners VIII, which has a global mandate and closed with $15.8bn (£11bn).
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