Blackstone raises $ 20 $ 5 billion for largest global real estate fund
Blackstone Group Inc. has raised $ 20.5 billion for it largest global real estate fund, as the world's largest manager of alternative assets fills their chests to make real estate investments.
The New York-listed company said in a statement that the new fund, called Blackstone Real Estate Partners IX, has already made its first deal. In June, the fund agreed to take over the US stock allocation to Singapore-based logistics provider GLP for $ 18.7 billion. This deal is likely to be completed in the next few weeks, the private equity company said.
"Despite the challenging investment environment, we continue to see compelling opportunities around our investment themes with the highest conviction," said Ken Caplan, Global Manager of Blackstone Real Estate. "BREP IX & # 39; s scale allows us to raise capital globally in a differentiated set of complex transactions."
The final closure of the new global fund comes just four years after Blackstone raised $ 15.8 billion to its predecessor. Blackstone also invests two regional funds, $ 7.9 billion BREP Europe V and $ 7.2 billion BREP Asia II; it had raised https://www.vccircle.com/blackstone-raises-9-4-bn-in-two-new-asia-funds/ Asia Fund only last year.
Blackstone is one of the largest real estate investors worldwide and has $ 154 billion in assets under management. It is also one of the largest investors in India's real estate market, where they have committed nearly $ 6 billion over the past eight years.
The PE firm's India investments have largely been in office and retail properties as the housing market continues to strive. Just Wednesday, Blackstone agreed to acquire the 50% stake it does not already own in Indiabulls Real Estate Ltd.'s office properties for $ 4,420 crore ($ 616 million).
In August, it had agreed to purchase Global Village Technology Park in Bengaluru from Coffee Day Enterprises Ltd for an amount between Rs 2,600 crore and Rs 3,000 crore ($ 365-421 million).
In July, an agreement was reached to acquire an office building in Powai, Mumbai from L&T Realty Ltd for Rs 700 crore.