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Blackstone pulls in $7.8bn for Asia real estate fund

Vehicle will invest in both residential and commercial property

People walk near Blackstone's headquarters in New York. The private equity giant is looking to invest in well-located but undermanaged properties in Asia under a "buy-fix-sell" strategy.   © Reuters

BANGKOK -- Private equity investor Blackstone has raised over $7.8 billion for the third installment of its Asian opportunistic real estate fund series, a filing with U.S. financial regulators shows.

The firm has now achieved over 86% of its $9 billion target for the Blackstone Real Estate Partners Asia III (BREP ASIA III) fund. That comes despite the "periodic reassertion of COVID-19" being an obstacle to both growth and market stability in Asia, Blackstone President and CEO Jonathan Gray said in a second-quarter earnings call.

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