Blackstone today announced the final close of Blackstone Real Estate Partners X (“BREP X”), its latest global real estate fund. The total capital commitments for BREP X are $30.4 billion, making it the largest real estate or private equity drawdown fund ever raised. Blackstone’s three opportunistic strategies Global, Asia, and Europe now have a total capital commitment of $50 billion.
Over the past 30 years, Blackstone has delivered a 16% net IRR on over $100 billion of committed capital in the BREP global funds.
1 Anticipating changing macrotrends, Blackstone Real Estate shifted its portfolio away from assets facing headwinds such as traditional office and malls and is now concentrated in logistics, rental housing, hospitality, lab office, and data centers, with approximately 80% of its assets concentrated in logistics, rental housing, hospitality, lab office, and data centers.
The size and discretionary capital of BREP X position it well to capitalize on opportunities in its highest conviction sectors around the world.Blackstone is a global real estate investment firm. Blackstone’s real estate business was founded in 1991 and currently manages $326 billion in investor capital.
Blackstone is the world’s largest owner of commercial real estate, with assets in every major geography and sector, including logistics, residential, office, hospitality, and retail. Our global opportunistic funds seek to acquire undermanaged, well-located assets.
Blackstone’s Core+ business invests in substantially stabilized real estate assets around the world through both institutional and income-focused individual strategies, such as Blackstone Real Estate Income Trust, Inc. (BREIT), a non-listed REIT in the United States, and Blackstone’s European yield-oriented strategy.