Blackstone closes EUR 3.1 billion European real estate fund

Blackstone Real Estate Partners Europe III recently closed, topping out at EUR 3.1 billion, far above the EUR 2.5 billion intended target. After five years of avoiding commercial property--as opposed to operating properties, such as hospitals and hotels--Blackstone's return to the sector clearly indicates that the firm believes that opportunities will be strong over the next few years.

The Fund will take advantage of over-leveraged traditional real estate assets that are in desperate need of restructuring, recapitalizing or deleveraging.  With a large amount of debt maturing over the next two years, the Fund will acquire properties from distressed sellers or banks that are looking to offload assets taken over from investors.  The Fund's management has indicated that the main opportunities will most likely be found in the UK and Germany.

Financial Times Article

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