Blackstone has closed its latest global real estate fund, Blackstone Real Estate Partners IX (BREP IX), with $20.5 billion of total capital commitments — calling it the largest real estate fund ever raised — and used some of the proceeds to fund a previously announced acquisition of GLP’s U.S. Logistics Assets for a total of $19 billion alongside other Blackstone vehicles.
“Despite the challenging investment environment, we continue to see compelling opportunities around our highest conviction investment themes,” said Ken Caplan, global co-head of Blackstone Real Estate. “BREP IX’s scale allows us to commit capital globally in a differentiated set of complex transactions.”
The acquisition is expected to close in the coming weeks. Blackstone is also currently investing two regional opportunistic funds, the €7.9 billion BREP Europe V and the $7.2 billion BREP Asia II.
“This fundraise reflects the excellent relationships we have with our limited partners given the strong results the BREP funds have generated for them since 1991,” said Kathleen McCarthy, global co-head of Blackstone Real Estate. “We are grateful to our investors for their ongoing support and look forward to putting this capital to work on their behalf.”