June 29, 2009 / 10:45 AM / in 9 years

Blackstone raises $4.3 bln for Europe property fund

LONDON, June 29 (Reuters) - U.S. private equity firm Blackstone Group (BX.N) said on Monday it had raised 3.1 billion euros ($4.3 billion) for a fund to invest in property throughout Europe, as it anticipates the sector’s recovery.

The Blackstone Real Estate Partners Europe III fund, which has reached its final close, had initially sought to raise 2.5 billion euros, the company said in a statement.

    “(The fund) is well positioned to take advantage of the inevitable recapitalisation of the property sector,” Chad Pike, co-head of Blackstone Real Estate, said.

    “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,” he said.

    Speakers at the Reuters Global Real Estate Summit last week were at odds as to which markets would be quickest to rebound in the hard-hit commercial real estate sector. Generally, they saw any sustained recovery to be far off. [ID:nSP476425] (Reporting by Daryl Loo; Editing by Andrew Macdonald) ($1=.7143 Euro) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters)

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