Blackstone Real Estate Partners International Closes Over Target.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 24, 2002 The Blackstone Group Blackstone Group L.P. (NYSE: BX) is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman. The company is based in New York City, in River House on Park Avenue at Fifty-first Street, with offices in Atlanta, today announced the final closing of its Blackstone Real Estate Partners International fund (BREP BREP Boundary Representation BREP Bug Reporting International), the fourth real estate fund raised by the New York-based private investment bank. Commitments total EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 800 million, substantially exceeding the fund's initial target of EUR 600 million, and came from a wide range of corporate and public pension funds, financial institutions and high net worth individuals from both Europe and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Blackstone's previous real estate fund Blackstone Real Estate Partners III (BREP III) closed in 1999 with commitments of approximately $1.5 billion. "We are extremely gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by the support of our partners that has resulted in this successful fundraising effort" said Stephen A. Schwarzman Stephen A. Schwarzman (born 14 February 1947) is the Chairman and co-founder of the Blackstone Group private-equity firm. Early life and education Schwarzman attended the Abington School District in suburban Philadelphia and graduated from Abington Senior High School. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of The Blackstone Group. He added, "Although we have been active investors in European real estate for many years, BREP International represents a long-term, global commitment to the strategic expansion of our real estate platform." BREP International co-invests on a 60-40 ratio with BREP III creating a total pool of about EUR 1.35 billion (approximately $1.2 billion) of equity capital and representing one of the largest such funds focused on investments in real estate assets and operating companies in Western Europe. The primary elements of the fund's investment strategy are office repositionings, hotel acquisitions/branding and warehouse acquisitions and developments. Based in London, the real estate group's 12-person international advisory team is led by real estate veteran John Kukral. The team will additionally benefit from the experience of its European Advisory Board comprised of distinguished corporate and former government figures. The fund has already committed about EUR 105 million in 4 transactions. "We have a solid pipeline and the international fund is well-timed to capitalize on opportunities arising from the changing European real estate market," said Kukral. Blackstone expects that BREP International will add to its already impressive track record of alternative asset investing in both the real estate and corporate arenas. Credit Suisse First Boston's Real Estate Private Fund Group acted as placement agent for The Blackstone Group in the raising of BREP International. About The Blackstone Group The Blackstone Group, a private investment bank with offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and London, was founded in 1985 by Peter G. Peterson, Chairman, and Stephen A. Schwarzman, President and CEO. Blackstone's Real Estate Group has raised a total of four funds representing around $3.7 billion in total equity. Blackstone has made approximately 110 separate investments in hotels, offices and other commercial properties with a total transaction value of over $13 billion. In addition to real estate investing Real estate investing involves the purchase of real estate for profit. Profits are accumulated slowly by renting out properties in a cashflow method, or are generally improved and resold for a capital gain. , The Blackstone Group's core businesses include Mergers and Acquisitions Advisory, Restructuring and Reorganization Advisory, Private Equity Investing, Private Mezzanine Investing, Liquid Alternative Asset Management, and structured finance products. |
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