Blackstone draws over $24 bln commitments for latest real estate fund

July 20 (Reuters) – Buyout big Blackstone Inc BX.N has secured commitments well worth $24.1 billion for its latest true estate fund, in accordance to a regulatory filing on Wednesday.

The dimension of the new fund, termed Blackstone Serious Estate Partners X, could go up to $30.3 billion when it is finalized, the Wall Road Journal noted, citing men and women acquainted with the subject. (https://bit.ly/3yO3s7a)

The New York-dependent non-public-fairness behemoth has been ramping up its bets on providers in the actual estate room. In April, Blackstone agreed to purchase authentic estate investment decision trust PS Small business Parks PSB.N for $7.6 billion like credit card debt.

The organization has also struck multi-billion greenback offers for college student housing REIT American Campus Communities Inc ACC.N and multifamily housing REIT Most popular Apartment Communities APTS.N.

Even as recession fears have hit the brakes on world dealmaking, buyout money have been to some degree of a vibrant location. Such money have produced transactions well worth $674 billion in the first 50 percent of the year, in accordance to knowledge from Dealogic.

Blackstone will commit $300 million of its personal funds in the newest fund, the Journal described.

At $30.3 billion, the new fund would be 48% even larger than Blackstone Serious Estate Associates IX, which closed in 2019.

(Reporting by Niket Nishant in Bengaluru Editing by Anil D’Silva)

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