Blackstone billions cheers market

There’s general rejoicing at the closing of a €3.1bn fund by Blackstone targeting cheap opportunities around Europe. Initially expected to raise just €2.5bn, it’s being backed by new and existing clients of the private equity group.

“BREP Europe III is well positioned to take advantage of the inevitable recapitalization of the property sector,” said Chad Pike, Co-Head of Blackstone Real Estate. “Given the continued deterioration in the global economy and the lagging nature of the real estate market, we will remain disciplined and cautious in deploying this capital over the coming years.”

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