The Blackstone Group has sailed to an aggregate capital raising of $3.7 billion (€2.72 billion) so far for its latest European opportunistic fund, Blackstone Real Estate Partners (BREP) Europe IV.
The figure means the company is now less than €400 million away from matching the €3.1 billion it closed on for its predessecor fund, BREP Europe III, in June 2009.
It is comfortably the largest capital raise for a European opportunistic real estate fund this year, and indeed since June 2009.
As PERE previously revealed, the firm held a first close for the fund in September on $2 billion. Overall it is targeting €5 billion of commitments, so the company is now halfway towards its aim. The company declined to comment on fundraising activities.
Its fundraising success comes amid other successful efforts by other groups this year and last, with those firms tending to be long-established European groups or those led by seasoned principals.
Tristan Capital Partners, the London-based firm led by Ric Lewis, is said by some to have surpassed its €750 million target for European Property Investors Special Opportunities 3 (EPISO 3) and is set to stop at a harcap of €900 million. Orion Capital Managers led by Aref Lahham, Van Stults and Bruce Bossom this week announced it had managed to close on the maximum of €1.3 billion for Orion European Real Estate Fund IV. Earlier this year, Perella Weinberg Partners also closed its second European opportunity fund, Perella Weinberg Real Estate Partners II, on €1.3 billion. That effort is led by former Unibail-Rodamco chief, Leon Bressler. Last year, Patron Capital closed its fund on more than €880 million, while Nordic specialist Niam raised €719 million for Niam V.
Blackstone's recent investments in Europe include Multi Corporation, the developer of a prime pan European portfolio of retail assets. The New York company began taking in Multi's €900 million of debt in 2012. Blackstone also is currently in talks to sell two prime assets in London both for more than $1 billion each.