Blackstone to boost Asia real estate investments

Strong returns: New York-based Blackstone intends to boost investments in assets such as warehouses and shopping malls in China, India, South-East Asia and Australia. – Reuters

HONG KONG: Blackstone Group LP is readying a new Asia-focused real estate fund that aims to raise a record US$5bil or more, betting on strong returns from property investments in the region, people familiar with the plans told Reuters.

The world’s biggest alternative asset manager would likely launch the fund in the next 12 to 16 months, the people said. It has invested more than 70% of the US$5.08bil it raised in its first Asia-focused property fund, a threshold when buyout firms typically start considering and preparing for follow-up capital raising.