Buyout giant Blackstone Inc has secured commitments worth $24.1 billion for its latest real estate fund, according to a regulatory filing. The size of the new fund, called Blackstone Real Estate Partners X, could go up to $30.3 billion when it is finalized.
The New York-based private-equity behemoth has been ramping up its bets on companies in the real estate space. In April, Blackstone agreed to buy real estate investment trust PS Business Parks (PSB.N) for $7.6 billion including debt.
The company has also struck multi-billion dollar deals for student housing REIT American Campus Communities Inc (ACC.N) and multifamily housing REIT Preferred Apartment Communities.
Even as recession fears have hit the brakes on global dealmaking, buyout funds have been somewhat of a bright spot. Such funds have generated transactions worth $674 billion in the first half of the year, according to data from Dealogic. Blackstone will invest $300 million of its own capital in the latest fund, the Journal reported.
