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Blackstone to raise Asia real estate fund

6 Dec 2012

Global alternative asset manager Blackstone is reportedly looking to raise a new real estate fund focused on Asia, the firm’s president told a financial services conference in New York.

“Right now we are offering an Asian real estate fund,” Reuters quoted Tony James as saying at the Goldman Sachs financial services conference in New York.

“There is not another pan-Asian real estate fund in existence,” he added, without giving any further details regarding the vehicle.

Blackstone is now the world’s largest private real estate firm with $53.5bn of property assets under management, the report added.

Real estate has become the firm’s most profitable asset class, accounting for almost half of profits in the third quarter despite accounting for just a quarter of its total assets.

The news follows Blackstone’s recent agreement to buy the Huamin Imperial Building, a Shanghai office tower said to be valued at about RMB7bn ($1.12bn).

In September the US-based firm closed the largest real estate private equity fund in history by collecting $13.3bn of commitments in just 13 months.

LPs included China’s currency-reserve manager SAFE, which made a $500m commitment through the country’s $3.2tn foreign exchange reserve.

About 35 per cent of the fund’s capital has already been called, a recent report confirmed.

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