Sunday 4 December 2016

Blackstone to invest more in Europe after profits double

Published 17/04/2015 | 02:30

The Burlington Hotel
The Burlington Hotel

ONE of the biggest buyers of commercial property in Ireland is to raise billions more dollars to buy property in Europe.

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Blackstone, which counts the former Burlington Hotel and Eircom among its investments in Ireland, said it had "gone through" its most recent European real estate fund of $7bn (€6.5bn) already and is planning a new round of fundraising.

The firm raised $5.5bn for its BREP Europe IV fund last year but topped it up by another $1.5bn last October.

Speaking to analysts, the company's chief operating officer Tony James said, "our European fund got invested very quickly and we did a re-up and got through that quickly and will be back out for more [funds].

Overall the world's biggest commercial property firm said Q1 profits doubled to $1.6bn as assets under management topped $300bn.

Irish Independent

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