Buyout giant Blackstone has secured commitments worth $24.1bn for its latest real estate fund, according to a regulatory filing.
The size of the new fund, called Blackstone Real Estate Partners X, could go up to $30.3bn when it is finalized, the Wall Street Journal reported, citing people familiar with the matter.
The New York-based private-equity behemoth has been ramping up its bets on companies in the real estate space. In April, Blackstone agreed to buy real estate investment trust PS Business Parks for $7.6bn including debt.
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The company has also struck multi-billion dollar deals for student housing REIT American Campus Communities and multifamily housing REIT Preferred Apartment Communities .
Even as recession fears have hit the brakes on global dealmaking, buyout funds have been somewhat of a bright spot. Such funds have generated transactions worth $674bn in the first half of the year, according to data from Dealogic.
Blackstone will invest $300m of its own capital in the latest fund, the Journal reported.
At $30.3 billion, the new fund would be 48% bigger than Blackstone Real Estate Partners IX, which closed in 2019.
Source: Reuters
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