Steve Schwarzman, the founder of Blackstone—one of the world’s largest owners of commercial real estate—is doubling down on the asset class in which he made his name.
The private-equity firm with roughly $1 trillion in assets under management plans to invest in real estate across Europe, Schwarzman told Bloomberg on Monday after the Global Investment Summit in London. Blackstone has raised about $200 billion in recent months, according to Schwarzman, who called that war chest one of the biggest piles of unspent cash in the world. As of October, about $66 billion of those funds will be targeted for the real estate sector, according to Blackstone’s third quarter earnings release, and Blackstone will be particularly focused on the European real estate market, Schwarzman said.
