Blackstone’s real estate arm has quietly begun raising a new European fund, targeting up to $5bn according to prospective investors, as deal flow and economic sentiment on the continent improves.
Tony James, president of Blackstone, did not mention the fundraising when reporting the private equity group’s earnings in July, but said at the time: “Activity levels seem to be shifting from the US, which has been our focus, to Europe where there is more distress . . . the spigots are starting to loosen up in the sense that people want to sell assets.”
Blackstone declined to comment on the new European fund. However, in recent weeks, the volume of European property investment deals has shown signs of picking up.
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