In a financial feat that echoes across the global property market, Blackstone has officially wrapped its latest European real estate fund, locking in a colossal €9.8 billion ($10.8 billion) in capital commitments—marking the largest real estate drawdown fund ever raised in Europe using third-party funds.
Advised by Simpson Thacher & Bartlett LLP, the fund—dubbed Blackstone Real Estate Partners Europe VII—lands at the summit of European real estate fundraising history. The announcement, made Wednesday, underscores Blackstone’s towering presence in the investment landscape, even amid what executives describe as an “exceptional dislocation” in European real estate markets.
Europe’s Largest Drawdown Fund Sets a New Bar
“We are extremely proud to have raised Europe’s largest real estate drawdown fund ever during a time of unprecedented disruption in the industry,” said James Seppala, Blackstone’s Head of European Real Estate. “The real estate recovery is on the horizon, and our investors’ trust empowers us to act decisively through our high-conviction strategy.”
The seventh iteration of the fund matches the size of its predecessor, which also brought in €9.8 billion in April 2020, a time when Blackstone set the previous record for a dedicated European real estate fund. The latest fund reaffirms the firm’s ability to command massive investor confidence in uncertain times.
