Blackstone has closed the largest ever dedicated real estate fund, raising €9.8bn (£8.6bn) for opportunistic investments in Europe.
It has announced the final close on its sixth European opportunistic real estate fund, Blackstone Real Estate Partners Europe VI.
The fund received backing from first-time and returning investors from around the world, including public sector pension plans.
Last year it closed $20.5bn (£16.6bn) in the Blackstone Real Estate Partners IX fund, said to be the largest real estate fund. It is also investing in two regional opportunistic funds, the €7.9bn (£7.1bn) BREP Europe V and the $7.2bn BREP Asia II.
It comes as the coronavirus pandemic rocks global markets.
James Seppala, head of real estate Europe at Blackstone, said: “Our scale and reach allow us to put capital to work strategically during this period of elevated volatility.
“The significant demand for the fund is testament to the confidence our investors have in our ability to deploy strategic long-term capital to assets and businesses across Europe.”
In September 2019, BREP Europe VI committed to its first investment, acquiring Dream Global REIT’s portfolio of office and logistics assets in Western Europe.
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