Blackstone to invest more in Europe after profits double
ONE of the biggest buyers of commercial property in Ireland is to raise billions more dollars to buy property in Europe.
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.