Blackstone Real Estate Partners VI Closes with $10.9 Billion Raised

The Blackstone Group L.P. (NYSE: BX) announced today the closing
of Blackstone Real Estate Partners VI (BREP VI) with capital
commitments totaling $10.9 billion, creating the largest real estate
opportunity fund ever raised. The firm has raised a total of nine real
estate funds since inception, both funds for global investing and
funds with a specific focus on Western Europe, with total capital
commitments of $25.7 billion

Blackstone´s Real Estate group numbers more then 60 investment and
asset management professionals with broad experience across most real
estate categories, including hotels, office, residential, retail, and
other commercial properties. In the past several years Blackstone has
completed a number of major transactions including Equity Office
Properties, Hilton Hotels, CarrAmerica, Wyndham Hotels, Trizec
Properties and Southern Cross / NHP. The group has completed more then
225 separate investments in North America and Europe with a total
transaction value of approximately $132 billion since 1992. Most
recently the group opened offices in Tokyo, Mumbai and Hong Kong to
expand Blackstone´s real estate business in Asia.

Jonathan Gray, Senior Managing Director and New York-based co-head
of Blackstone´s real estate group, said, "We are delighted to have
this vote of confidence from our investors. We believe there should be
attractive investment opportunities for this capital given the market
dislocation that exists today." Chad Pike, Senior Managing Director
and London-based co-head of Blackstone´s real estate group added,
"With this fund we will be able to enter new markets and expand
Blackstone´s global investment activities."

About The Blackstone Group

The Blackstone Group L.P. is a leading global alternative asset
manager and provider of financial advisory services. Its alternative
asset management businesses include the management of corporate
private equity funds, real estate funds, funds of hedge funds,
mezzanine funds, senior debt vehicles, proprietary hedge funds and
closed-end mutual funds. The Blackstone Group L.P. also provides
various financial advisory services, including corporate and mergers
and acquisitions advisory, restructuring and reorganization advisory
and fund placement services. Further information is available at
www.blackstone.com.