Global private-equity giant Blackstone is raising a European property fund of up to €3.5bn (£2.8bn) in an attempt to begin picking off the most attractive players in the sector as values continue to fall. Sunday Telegraph, Financial Times
The new fund, Blackstone Real Estate Partners Europe III, will be the company’s third property fund in Europe and its 10th overall, coming on the back of Blackstone Real Estate Partners VI, which raised $10.9bn when it closed at the start of this month.
The new fund, coming so near to the closing of the global fund, signifies that Blackstone, headed by Stephen Schwarzman, believes there is money to be made in the sector, in spite of a continued sell-off of property stocks in the UK and the Continent amid fears of falling yields.