The fund has raised a total of $10.6 billion in capital commitments, making it the largest European real estate drawdown fund ever raised, based on third-party capital commitments.

This brings Blackstone's total available capital across its three opportunistic strategies (Global, Asia, and Europe) to nearly $47 billion.

James Seppala, Head of European Real Estate at Blackstone, said: “The real estate recovery is coming into view, and we are grateful that our limited partners have entrusted us with substantial capital to seek to capture opportunities through our time-tested, high-conviction investment process.”

Blackstone is a global leader in real estate investment, with its real estate business founded in 1991 and currently managing US $315 billion of investor capital.