Blackstone Is Said to Raise $7 Billion for Asia Property Fund

(Bloomberg) -- Blackstone Group LP is doubling down on investor interest in Asian real estate, raising about $7 billion for a new property fund, according to a person familiar with the matter.

Blackstone’s new fund, which sets a record for an Asian property vehicle, is close to the combined $7.5 billion raised for 28 other Asia-focused real estate funds during all of 2017, according to London-based research firm Preqin Ltd.

Christine Anderson, a New York based spokeswoman for Blackstone, declined to comment. Trade magazine PERE had earlier reported details of the fund.

Blackstone started building its Asia real estate business in earnest after the global financial crisis, when investment banks were on the retreat. The firm raised its first Asia property fund in 2013, with the $5.3 billion Blackstone Real Estate Partners Asia LP, at that stage the largest dedicated regional property fund. 

The New York-based firm, founded by Stephen Schwarzman, has $115 billion of assets under management, according to its website.

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