Blackstone gets US$1.5b in commitments for property fund


BLACKSTONE Group LP has commitments of about US$1.5 billion for its first fund to buy stable, well-leased US real estate, expanding a year-long foray into the biggest part of the commercial property market.

The fund, Blackstone Property Partners, planned to hold its first close on capital commitments on Friday, said a person with knowledge of the matter, who asked not to be named because the fund-raising is private.

Blackstone agreed to buy 1740 Broadway, a midtown Manhattan office building,...

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