Lenders' Insatiable Appetite for Commercial Real Estate
Blackstone Raises $6 Billion for New Property Fund | by Anjli Raval and Dan McCrum
The Financial Times reports that Blackstone Group "has secured more than $6 billion in pledged capital for a new property fund, largely comprised of distressed assets." Distressed funds have faced challenges in deploying capital, Sam Chandan explains:
Investors wanted to raise money early, particularly in 2008 and 2009, so they could acquire assets later at heavily discounted rates. But many investors in distressed assets have subsequently grown frustrated over the lack of quality properties available in the market at attractive prices.
Read the full text at the Financial Times website.