Blackstone has revealed it has $32.2bn (鈧�29.9bn) of 鈥渄ry powder鈥� to invest in global real estate.
The amount of capital is roughly one-third of the $94.3bn available to the private equity firm to invest across all asset classes, according to first-quarter results.
Blackstone said its real estate strategies attracted $2.5bn in the first three months of this year, including $1.1bn for its core-plus funds.
Its BREDS real estate debt vehicle attracted $630m, while its non-traded real estate investment trust (REIT) raised $478m.
Total real estate assets under management are now worth $101.2bn, making it still the largest asset class for Blackstone.
Over the past 12 months, the company has sold $21.bn of real estate, with $6.7bn sold in the first quarter of this year.
It is understood that Blackstone expects to reach a final close in June for its latest European opportunistic real estate fund, hitting its 鈥榟ard cap鈥� of 鈧�7.5bn.
As reported , Blackstone Real Estate Partners Europe V raised 鈧�4.6bn in March and is set to almost double that figure in the coming weeks, according to one of the prospective investors.
In 2015, that Blackstone was aiming to raise 鈧�7bn for the fund.
