Private equity firm Blackstone is reportedly seeking $5bn for its new real estate fund to capitalise on the recovery in the European property market and exited a property investment in London.
Reuters reported that news, citing a source familiar with the matter.
The person also said that Blackstone has agreed to sell its 50 per cent stake in London’s Broadgate office complex to a sovereign wealth fund for more than £1.7bn, which could help it lure investors to its new fund.
The New York based firm acquired the asset from British land for £77m in 2009, which was followed by a series of investments to develop the property.
Last month Blackstone made its first real estate deal in Spain by acquiring 18 apartment blocks from the city of Madrid for €125.5m.
Earlier in 2013 the firm launched a new division offering loans to landlords to take advantage of the US housing market recovery.
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