Global alternative investment giant Blackstone has reportedly held a $1.5bn first close for its $4bn-targeting Asian real estate fund.
Blackstone held the close on June 7 according to Bloomberg, which cited a letter sent to investors.
That letter reportedly said the fund would begin investing immediately with a focus on China, India, Australia and Japan.
Earlier this year Blackstone agreed the biggest private equity deal in India’s real estate sector since 2008 by teaming up with two other companies to but the Vrindavan Tech Village business park for $367m.
That deal came almost 18 months after Blackstone bought a 37 per cent stake in Manyata Promoters, which operates one of the largest business parks in Bangalore.
Blackstone’s $200m investment in that project valued the development at $550m.
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