Blackstone’s new European property income strategy, aimed at the private wealth market, has raised around €250m (£213m) in its first close.
The fund, offered through Blackstone’s private wealth solutions group, was created for individual investors seeking access to institutional-quality European real estate including logistics, knowledge centre offices and residential housing.
The strategy raises money monthly and in perpetuity. It is an expansion of the real estate arm’s core-plus business, which has $85bn of assets under management.
Blackstone said it had already secured a “fully-leased” logistics portfolio in the UK as its first investment.
James Seppala, head of European real estate at Blackstone, said: “The strong initial demand for this strategy is a testament to the quality of our global real estate platform.
“We are proud to continue to broaden investors’ access to institutional-quality real estate and build on the success of our US-focused real estate strategy for eligible individual investors.”
Joan Solotar, global head of private wealth solutions at Blackstone, said: “Blackstone’s European Property Income strategy marks the next step in our continued commitment to delivering institutional-quality solutions to eligible individual investors in Europe and Asia. This meaningful first close reflects the positive response and strong interest in private markets strategies that can complement investors’ existing portfolios.”
Blackstone Real Estate has $208bn (£153bn) of investor capital under management in total.
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