Blackstone gears up for $11 billion European property buying spree
LONDON, April 9 (Reuters) - Blackstone (BX.N), opens new tab has said it has closed a 9.8 billion euro ($10.8 billion) European property fund, as it bets on signs of recovery for the sector despite deepening market turmoil.
The fundraise for the Europe Real Estate Partners VII fund is the largest ever pool of external capital amassed for European property, Blackstone said.
"The real estate recovery is coming into view," said James Seppala, head of European Real Estate at Blackstone, with the firm adding in a statement that it saw an "opportunity-rich" environment.
Real estate markets had shown signs of recovery in recent months, although industry participants are wary of the impact U.S. President Donald Trump's latest barrage of tariffs could have on activity.
Blackstone's opportunistic strategies - which generally target higher risk properties that need turning around, with potential for higher returns - have raised nearly $47 billion of capital globally, the company said.
($1 = 0.9073 euros)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
36 minutes ago
- Daily Mail
Elon Musk makes stunning Epstein U-turn after taking on Trump in war that cost him $27billion
Elon Musk has deleted the extraordinary claim from his X profile that implicated President Donald Trump as being 'in the Epstein files'. As the commander-in-chief and the X boss battled it out in a war of words over social media, Musk said 'it was time to drop a really big bomb'. In doing so he posted: '@RealDonaldTrump is in the Epstein files. That is the real reason they have not been made public,' Musk wrote. 'Have a nice day, DJT!' The post has since disappeared from his X profile and he has appeared to backtrack on some of the remarks he made against Trump earlier this week. On Friday Trump had said he would look into canceling the loans and subsidies, telling reporters: 'I would certainly think about it, but it has to be fair.' He had also told reporters that he wished the South African businessman 'well', to which Musk replied in a post to X saying: 'Likewise'. Musk had also responded to the clip of Trump talking about canceling his grants, saying: 'Fair enough'. Trump had threatened to cut off huge federal loans and subsidies to Musk's companies after they fell out over the 'Big Beautiful Bill'. Elon Musk dramatically charged that President Donald Trump's name appears in the files of known pedophile Jeffrey Epstein The calmed remarks from Musk came after he lost around $27 billion from his net worth when the Tesla stock price tanked on Thursday. Trump didn't directly respond to Musk's Epstein charge, instead posting what amounted to a shrug on Truth Social, while also continuing to back the 'big, beautiful bill.' 'I don't mind Elon turning against me, but he should have done so months ago,' Trump wrote. 'This is one of the Greatest Bills ever presented to Congress.' Following the outbreak of their feud, Trump and his allies have said Musk turned on the bill because it cuts the subsidies. Musk has said he doesn't need them anyway. The fallout between Trump and Musk - who were political allies for a little less than a year - started in recent weeks when the billionaire started resisting Republicans' 'big, beautiful bill,' arguing that the spending wiped out DOGE's cost-cutting efforts. Then, on Thursday, when Trump was supposed to be hosting the new German Chancellor Friedrich Merz in the Oval Office, he was asked about Musk's recent criticism. From there the dam broke. 'Elon and I had a great relationship. I don't know if we will any more, I was surprised,' Trump told reporters. The president suggested that Musk was angry - not over the bill ballooning the deficit - but because the Trump administration has pulled back on electric vehicle mandates, which negatively impacted Tesla, and replaced the Musk-approved nominee to lead NASA, which could hinder SpaceX's government contracts. 'And you know, Elon's upset because we took the EV mandate, which was a lot of money for electric vehicles, and they're having a hard time the electric vehicles and they want us to pay billions of dollars in subsidy,' Trump said. 'I know that disburbed him.' Over the weekend, Trump pulled the nomination of Jared Isaacman to lead NASA. Isaacman had worked alongside Musk at SpaceX. Musk posted to X as Trump's Q&A with reporters was ongoing. 'Whatever,' the billionaire wrote. 'Keep the EV/solar incentive cuts in the bill, even though no oil & gas subsidies are touched (very unfair!!), but ditch the MOUNTAIN of DISGUSTING PORK in the bill,' he advised. 'In the entire history of civilization, there has never been legislation that [is] both big and beautiful. Everyone knows this!' Musk continued. 'Either you get a big and ugly bill or a slim and beautiful bill. Slim and beautiful is the way.' The spat quickly turned personal with Musk then posting that Trump would have lost the 2024 election had it not been for the world's richest man - him. Musk publicly endorsed Trump on the heels of the July 13th assassination attempt in Butler, Pennsylvania and poured around $290 million into the Republican's campaign. The billionaire also joined Trump on the campaign trail when he returned to the site of the Butler shooting in early October, a month before Election Day. After his meeting with Merz, Trump continued to throw punches online. He asserted that he had asked Musk to leave his administration and said he was 'CRAZY!' 'Elon was "wearing thin," I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!' Trump wrote. It was after that post that he then threatened to pull SpaceX and Tesla's government contracts. Musk then taunted Trump to act. 'This just gets better and better,' he wrote. 'Go ahead, make my day …' In a follow-up post, Musk said he would 'begin decommissioning its Dragon spacecraft immediately.' Trump continued his 'crazy' remarks on Friday when speaking with CNN Anchor and Chief Political Correspondent Dana Bash. He said: 'I'm not even thinking about Elon. He's got a problem. The poor guy's got a problem.' Their explosive feud comes after a report from the New York Times in which he was accused of using a cocktail of drugs on the campaign trail. The Tesla CEO has previously said he was prescribed ketamine for depression and was taking the drug roughly every two weeks. But insiders allege Musk, 53, was taking the powerful anesthetic, which is known to have hallucinogenic properties, so frequently that it was affecting his bladder, the bombshell report claims. He also took ecstasy, psychedelic mushrooms and travelled with a daily pill box that contained about 20 different drugs, including Adderall, sources allege. Those around him claim that his consumption blurred the lines between medicinal and recreational, with Musk allegedly having taken drugs at private gathering across the US and in at least one foreign country, according to the NYT report which was based on a series of texts the outlet reviewed, as well as interviews with insiders. Musk has claimed in interviews that he only takes 'a small amount' of ketamine and that 'I really don't like doing illegal drugs', but his erratic behaviors, including making an apparent Nazi salute at Trump's election day event, seemingly suggest otherwise.
Scottish Sun
an hour ago
- Scottish Sun
Patrick Stewart offers glimpse into how Rangers will approach first transfer window with Russell Martin and new owners
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) PATRICK STEWART has described Rangers as a club with "unfulfilled potential" as he prepares for the first transfer window under a new ownership regime and management team. Russell Martin was confirmed as the Ibrox side's head coach on Thursday, following the arrival of Kevin Thelwell and Dan Purdy as sporting director and technical director. 2 Russell Martin and Patrick Stewart on the day Martin was unveiled as Rangers boss Credit: PA On May 30 the £90million takeover by Andrew Cavenagh and 49ers Enterprises was finally completed after months of negotiations. An initial £20million of investment has been promised and a share issue will follow to help raise more funds. With the Light Blues in Champions League qualifying action on July 22/23 and 29/30, the summer rebuild must start soon. We looked at how Martin could transform Rangers, in particular by recruiting trusted former players. Gers chief Stewart acknowledged there is a lot of ground to be made up on Celtic in the league, but believes Martin has arrived early enough for them to make signings before the Euro qualifiers next month. Speaking in an interview with Rangers TV, he said: 'There is a lot of hard work to be done, just to be clear. I think there always is every pre-season for Rangers because the European qualifiers come so early, so let's not shy away from that. 'That said, we have got Russell in and the transfer window doesn't open for another ten days and the first team don't return for another two weeks, so actually you could look at it glass half full and say we have got him in well in advance of those two key events. 'But let's not kid ourselves, there is a lot of hard work to be done but I know Russell is determined to get stuck into that. 'The potential of Rangers, we know it is unfulfilled at the moment. 'This is a huge club and supporters, players, management and staff, we have all been frustrated at not having achieved the heights. Rangers fans react to news Russell Martin is their new manager 'It feels now though that we are making steps forward and new ownership is a massive step forward. 'My excitement and optimism levels have definitely increased but they were always there because there is so much that is positive about this club.' Stewart was asked how Martin's experience in both Scotland and England during his career will help them in the recruitment process. He said that combining Martin's knowledge with Thelwell's contacts book should lead to positive results in the transfer market. Stewart said that they will pay close attention to the Scottish and English markets, as players there will have an understanding of the British game. But that won't stop them from scouting players further afield - the only condition being that they must ALREADY be suited to playing in Scotland, rather than trying to mould them into the finished product. He said: 'Having an understanding of the Scottish game I would say is a key factor because every league is unique and we can look at some of the fixtures that have to be played as part of the SPFL. 'Every ground has its nuances and every club has its nuances, so somebody that comes in with an understanding of that is a huge asset. 'Equally, when it comes to recruiting players having a knowledge of markets outside of Scotland and players outside of Scotland, and off-the-pitch talent outside of Scotland as well, is a huge advantage. 'So yes, I think we are really fortunate to have somebody who has that Scottish background and also English experience as well." 2 Keep up to date with ALL the latest news and transfers at the Scottish Sun football page
Telegraph
an hour ago
- Telegraph
Musk deletes Epstein tweet after Trump fallout
Elon Musk has deleted a tweet in which he alleged that Donald Trump was 'in the Epstein files'. The social media post was written on Thursday amid a fierce war of words between the tech billionaire and the US president – marking an abrupt end to their close alliance – following a dispute over Mr Trump's flagship spending Bill. As the disagreement escalated, Mr Musk also suggested that his former boss should be removed from office. 'The Epstein files' is a phrase colloquially used to describe intelligence US authorities hold on Jeffrey Epstein, the disgraced paedophile, who died in 2019. 'Time to drop the really big bomb: Donald Trump is in the Epstein files. That is the real reason they have not been made public,' Mr Musk wrote, before adding: 'Have a nice day, DJT!' However, by Saturday morning, Mr Musk deleted his post on X, in a sign that the pair's row could now be winding down. Mr Trump also appeared to suggest he was moving on from the spat, telling reporters during a flight to New Jersey: 'Honestly I've been so busy working on China, working on Russia, working on Iran... I'm not thinking about Elon Musk, I just wish him well.' The row began when Mr Musk – who last week stepped down as head of the Department of Government Efficiency – criticised the president's upcoming Bill as a 'disgusting abomination' and claimed it would increase the national debt. Mr Trump retaliated by saying the billionaire was upset because one of his allies had not been chosen for a role in the new Nasa administration. The president also suggested Mr Musk was annoyed because the White House's 'big beautiful Bill' would end tax breaks for electric vehicles worth billions of dollars to his car company Tesla. 'He knew it better than almost anybody, and he never had a problem until right after he left,' Mr Trump said. The president later said, during an Oval Office meeting with Friedrich Merz, the German chancellor, that Mr Musk had 'Trump derangement syndrome'. The Republican later added that he was 'very disappointed' in the entrepreneur. However, Mr Musk was quick to hit back, alleging that the president had only won last year's election because of his support. 'Without me, Trump would have lost the election. Dems would control the House and the Republicans would be 51-49 in the Senate... Such ingratitude,' he wrote on X. The world's richest man then published his post about the president and the Epstein files – but provided no evidence to back up his claim. Social circles Mr Trump and Epstein ran in the same social circles in New York and were pictured partying together on various occasions in the 1980s and 1990s. Epstein killed himself in 2019 in a Manhattan jail cell while awaiting trial on sex trafficking charges. In February, Pam Bondi, the US attorney general, pledged to release the Epstein files. However, the 'phase one' documents that were released – to a hand-picked group of conservative influencers – contained information that was largely already in the public domain. As the row escalated, Mr Musk said he would decommission his Dragon spacecraft, which is used by Nasa to deliver and collect astronauts from the International Space Station. Mr Trump in turn threatened to cancel all of the Tesla and SpaceX owner's government contracts. 'The easiest way to save money in our budget, billions and billions of dollars, is to terminate Elon's governmental subsidies and contracts,' he said. The president also reportedly considered selling or giving away the red Tesla car he purchased earlier this year. Tesla shares tanked as the rift intensified, amid investor fears that Mr Trump might hinder the roll-out of self-driving cars in the US, hitting the company's growth potential. Shares closed down 14.3 per cent on Thursday and lost about £111 billion, although the firm staged a partial recovery on Friday. An administration official claimed Mr Musk was 'clearly having an episode', while Steve Bannon, Mr Trump's former adviser, encouraged the president to initiate a formal investigation into Mr Musk's immigration status and have him 'deported from the country immediately'. As well as deleting the Epstein post, Mr Musk also appeared to walk back on his threat to decommission the Dragon spacecraft. When an X user suggested Mr Musk and Mr Trump 'take a step back for a couple days', the Tesla chief executive wrote: 'Good advice. Ok, we won't decommission Dragon.' However, the billionaire has continued to keep a poll pinned to the top of his X profile which invites users of the social media platform to vote on whether it is time for a new political party in the US. Mr Musk wrote on Friday night: 'The people have spoken. A new political party is needed in America to represent the 80 per cent in the middle! This is fate.'
