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Investing.com -- Blackstone (NYSE:BX) Inc. has successfully raised the largest external capital pool ever for a European real estate fund, slightly surpassing its own previous record, amid a significant correction in the property market.
The private equity firm managed to accumulate €9.8 billion ($10.8 billion) for Blackstone Europe Real Estate Partners VII, after a fundraising period of two years, during which asset values significantly dropped due to the end of ultra-low interest rates.
The fundraising initiative officially began in February 2023, during a time of significant disruption in the industry, particularly in Europe, according to Blackstone's head of European real estate, James Seppala.
He noted that a recovery in the real estate sector is becoming apparent and expressed gratitude to their limited partners for entrusting them with substantial capital.
With the closing of the latest European fund, Blackstone now has $47 billion of capital available across its three main opportunistic real estate fund series.
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