Blackstone raising $10 billion for new distressed real estate fund

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Bloomberg News is reporting that the New York-based asset management firm Blackstone Group has already raised $6 billion for a new $10 billion real estate fund that will focus on distressed assets.

JLL’s Jim Postweiler (left), a Managing Director of the firm’s Office Investment Sales Group, says he anticipates that Blackstone will likely consider a variety of opportunities in Chicago and in several other secondary Midwestern markets:

“They’re savvy buyers who like opportunities where their purchasing power or contrarian approach make them the preferred candidate.  They’ll look at a wide array of options but it won’t be smaller one-off deals. You can’t get your money deployed that way.  They’ll definitely be looking at larger-scale portfolios.”

You can read the full story from Bloomberg here.

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