<article><a href="http://www.dealstreetasia.com/stories/gic-to-buy-blackstones-indcor-for-8-1b/" target="_blank">Blackstone Group LP</a> will hold the final closing of its real estate fund for Asia, within a fortnight. The fund has reached its hard cap of $ five billion, making it the largest ever real estate fund devoted to the continent, a report said.</article>

<a href="http://www.dealstreetasia.com/stories/gic-to-buy-blackstones-indcor-for-8-1b/" target="_blank">Blackstone Group LP</a> will hold the final closing of its real estate fund for Asia, within a fortnight. The fund has reached its hard cap of $ five billion, making it the largest ever real estate fund devoted to the continent, a report said.
The vehicle, called <a href="http://www.blackstone.com/businesses/aam/real-estate" target="_blank">Blackstone Real Estate Partners (BREP) Asia</a>, has an investment period of four years; Blackstone has already invested one-third of the fund, so far. The PE firm is unlikely to reopen it to accommodate excess demand from institutional investors, the portal <a href="https://www.perenews.com/">perenews.com</a> <a href="https://www.perenews.com/Templates/PageBuilderPages/FullWidth.aspx?pageid=3073&amp;LangType=2057&amp;pei_section=4&amp;news=12885385473#">reported</a>
The investments that the company has made through this fund include, the $1.61 billion acquisition of <a href="http://www.gecapitalrealestate.com/" target="_blank">GE Capital Real Estate’s</a> Japanese residential property portfolio and the $400 million investment in <a href="http://www.scpgroup.com/" target="_blank">SCP Company</a>, a large shopping mall developer in China, the report said.
Blackstone had already eclipsed the previous Asia fundraising record in July when it brought its fundraising to $4.2 billion at a prior closing, the report added.
The previous regional record was the $3.9 billion that was raised by MGPA in 2008, and is now managed by BlackRock for its Asia Fund III.
Blackstone has also said to have committed about $773 million from BREP to Australia-listed developer and manager <a href="http://www.mirvac.com/" target="_blank">Mirvac</a>.
For Blackstone, which is among the world’s largest real estate investors, this will be its first fund targeted at the fast growing Asian markets; and it also comes at a time when property prices across many geographies in the region have cooled.
The Asian real estate scene is witnessing renewed interest from large private equity players. Hong-Kong based <a href="http://http://www.dealstreetasia.com/stories/headland-capital-launches-1b-asia-fund/" target="_blank">Headland Capital Partners recently launched</a> its seventh private vehicle, a $ one billion Asia fund.
In October, <a href="http://www.bpeasia.com" target="_blank">Baring Private Equity</a> closed its sixth Asia Fund with $3.21 billion, crossing its $ three billion target. In September the <a href="http://carlyle.com/" target="_blank">Carlyle Group</a> closed a $3.9 billion Asian buyout vehicle, surpassing its $3.5 billion target. Similarly, in July,<a href="http://www.morganstanley.com" target="_blank"> Morgan Stanley’s</a> Asian PE arm raised $1.7 billion as part of its fourth vehicle for this region, ahead of its $1.5 billion target.

Blackstone’s Asia fund set for $5b final close

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Blackstone’s Asia fund set for $5b final close

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