A brand new real estate fund focusing on Asia is being launched by Blackstone Group LP, in order to seize a “golden moment” to buy and sell property in the Asian Property market.
Blackstone, now the largest private real estate firm in the world, with US$53.5 billion of property assets under management.
“Right now we are offering an Asian real estate fund. There is not another pan-Asian real estate fund in existence,” Blackstone President Tony James told the Goldman Sachs financial services conference in New York, without offering details on the new fund.
Even though it makes up about a quarter of its assets, real estate is Blackstone’s most profitable business, accounting for close to half its profit in the third quarter. In October, the New York-based firm said it had raised US$13.3 billion for its latest global property fund, the largest opportunistic real estate fund ever.
