Shares of Blackstone Group LP (BX) are soaring 5.16% in intraday trading, as the private equity giant announced it has raised a record-breaking 9.8 billion euros ($10.82 billion) for its latest European real estate fund. This significant capital raise highlights Blackstone's continued strength in the real estate sector and investor confidence in the company's strategies.
The new fund, named Blackstone Real Estate Partners Europe VII, is being touted as Europe's "largest real estate drawdown fund ever," according to James Seppala, head of European real estate at Blackstone. The successful fundraising comes at a time when Seppala notes that a European "real estate recovery is coming into view," suggesting potential opportunities in the market that could drive future growth for Blackstone.
This massive fundraise demonstrates Blackstone's ability to attract capital even in challenging market conditions, and positions the company to capitalize on what it describes as an "opportunity-rich" environment in European real estate. The positive market reaction reflects investor optimism about Blackstone's potential to generate strong returns from this new fund, as well as the company's overall strategy in the real estate sector.
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