Blackstone Netted €9.8 Billion for Europe Property During Crash

Blackstone Inc. has raised the largest ever pool of external capital for a European real estate fund, narrowly surpassing its own previous record against the backdrop of a severe property market correction.

The private equity firm hauled in €9.8 billion ($10.8 billion) for Blackstone Europe Real Estate Partners VII after a two-year fundraise that took place as asset values plunged in response to the end of ultra-low interest rates.

The fundraise, which officially kicked off in February 2023, came during “a period of exceptional dislocation in the industry, particularly in Europe,” Blackstone head of European real estate James Seppala said. ...