Blackstone’s $20.5b BREP IX is world’s largest real estate fund ever raised

The Blackstone Group has held a final close of its latest global real estate fund on $20.5 bn (€18.62 bn) of equity, it revealed yesterday evening in New York.

Blackstone Real Estate Partners IX represents the largest real estate fund ever raised.

The firm took the opportunity to add it was currently investing two regional opportunistic funds, the €7.9 bn BREP Europe V and the $7.2 bn BREP Asia II.

Kathleen McCarthy, global co-head of Blackstone Real Estate, said: ‘This fundraise reflects the excellent relationships we have with our limited partners given the strong results the BREP funds have generated for them since 1991.’

Ken Caplan, global co-head, added: ‘Despite the challenging investment environment, we continue to see compelling opportunities around our highest conviction investment themes.’

In June, BREP IX committed to its initial investment, the purchase of GLP’s US Logistics Assets for a total of $19 bn alongside other Blackstone vehicles. This acquisition is expected to close in the coming weeks.

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