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Report: Blackstone's European property fund closes at €7.8B

A Blackstone Group LP fund that will target commercial real estate properties in Europe closed at €7.8 billion, Reuters reported, citing a source with knowledge of the matter.

The fund will adopt an opportunistic acquisitions approach and will have roughly €24 billion of buying power. It aims to yield double-digit returns to investors, the unnamed source told the news outlet.

Blackstone's real estate arm has roughly $102 billion in investor capital under management, according to the report.

The private equity giant recently made a roughly €1.76 billion bid to acquire Finland's Sponda Plc and is in the process of selling its European warehouse business Logicor to China Investment Corp. in a €12.25 billion deal.