Blackstone Real Estate Partners VI Closes with $10.9 Billion Raised.

NEW YORK -- The Blackstone Group L.P. (NYSE: BX) announced today the closing of Blackstone Real Estate Partners VI (BREP VI) with capital commitments totaling $10.9 billion, creating the largest real estate opportunity fund ever raised. The firm has raised a total of nine real estate funds since inception, both funds for global investing and funds with a specific focus on Western Europe, with total capital commitments of $25.7 billion

Blackstone's Real Estate group numbers more then 60 investment and asset management professionals with broad experience across most real estate categories, including hotels, office, residential, retail, and other commercial properties. In the past several years Blackstone has completed a number of major transactions including Equity Office Properties, Hilton Hotels, CarrAmerica, Wyndham Hotels, Trizec Properties and Southern Cross / NHP. The group has completed more then 225 separate investments in North America and Europe with a total transaction value of approximately $132 billion since 1992. Most recently the group opened offices in Tokyo, Mumbai and Hong Kong to expand Blackstone's real estate business in Asia.

Jonathan Gray, Senior Managing Director and New York-based co-head of Blackstone's real estate group, said, "We are delighted to have this vote of confidence from our investors. We believe there should be attractive investment opportunities for this capital given the market dislocation that exists today." Chad Pike, Senior Managing Director and London-based co-head of Blackstone's real estate group added, "With this fund we will be able to enter new markets and expand Blackstone's global investment activities."

About The Blackstone Group

The Blackstone Group L.P. is a leading global alternative asset manager and provider of financial advisory services. Its alternative asset management businesses include the management of corporate private equity funds, real estate funds, funds of hedge funds, mezzanine funds, senior debt vehicles, proprietary hedge funds and closed-end mutual funds. The Blackstone Group L.P. also provides various financial advisory services, including corporate and mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com.