Blackstone European Property Income Fund

Access Blackstone’s leading European real estate investment platform

NAV Per Share: €10.69 as of December 31, 2021

Blackstone European Property Income Fund (BEPIF)

BEPIF is a perpetual-life vehicle that provides income-focused individual investors access to institutional quality real estate. BEPIF’s investments will span Blackstone’s high conviction themes across substantially stabilized, income-generating European real estate.1

BEPIF Has Constructed a High-Quality Portfolio of Income-Oriented Investments

Since October, BEPIF has invested or committed to invest directly into multiple logistics properties, a prime data center in London, a high-quality headquarter office property in Dublin and BPP Europe, Blackstone’s flagship European Core+ real estate fund for institutional investors.

We believe these investments position BEPIF well to meet its objective of delivering competitive returns with a meaningful income component.

Note: There can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses.


BEPIF provides income-focused individual investors access to institutional quality European real estate.

Leading Real Estate Platform

Blackstone Real Estate has successfully navigated three decades of market cycles and disruptions in Europe.

<meta charset="utf-8">Income-Oriented

Targeting substantially stabilized European real estate which has historically delivered consistent current income.

Past performance is not necessarily indicative of future results. Distributions are not guaranteed and may be sourced from non-income items.

<meta charset="utf-8"><meta charset="utf-8">Inflation Hedge<sup>2</sup>

Unlike traditional fixed income, income streams from real estate tend to rise over time, acting as an inflation hedge.

There can be no assurance that the trends described here will continue or not reverse.

<meta charset="utf-8">Appreciation Potential

Proactive asset management with a robust team of European professionals seeking to generate capital appreciation for investors.

BEPIF is subject to the risk of capital loss. There is no guarantee that BEPIF will achieve its objectives or avoid substantial losses.


Diversified strategy across property types and geographies in our highest conviction themes and markets.

There is no guarantee BEPIF will be diversified. Diversification does not ensure a profit or protect against capital loss.

<meta charset="utf-8">Alignment of Interests<sup>3</sup>

Institutional fee structure aligns interests between Blackstone and investors.

While we believe the interests of Blackstone are aligned with shareholders, Blackstone does face certain conflicts of interests. Please note that an investment in BEPIF is not an investment in Blackstone Inc.

Why European Private Real Estate

European Private Real Estate can be an attractive asset class for investors.

Sponsored by Blackstone Real Estate

Blackstone is the largest owner of commercial real estate globally with $230B of investor capital under management.4

Note: There is no assurance that Blackstone European Property Income Fund SICAV (“BEPIF Feeder SICAV,” together with its sub-funds, the BEPIF Master FCP and all parallel vehicles, “BEPIF” or the “Fund”) will achieve comparable results, implement its investment strategy, achieve its investment objectives or avoid substantial losses or that any expected returns will be met. The above investments are not representative of all Fund investments of a given type or of all Fund investments generally. Represents Blackstone’s view of the current market environment as of December 2021. See “Summary of Risk Factors” and “Important Disclosure Information” including “Trends”.

  1. Distributions are not guaranteed and may be sourced from non-income items.
  2. Represents Blackstone’s view of the current market environment as of the date appearing in this material only.
  3. Blackstone will also face conflicts of interest as a result of, among other things, the allocation of investment opportunities among us and other Blackstone accounts, the allocation of time of its investment professionals and the substantial fees that we will pay to Blackstone.
  4. Largest owner based on estimated market value per Real Capital Analytics and excludes governmental entities and religious organizations, as of September 30, 2021. “Investor capital” includes co-investments and Blackstone’s GP and side-by-side commitments, as applicable. There can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses.

Summary of Key Risk Factors

We have classified this product as 3 out of 7, which is a medium low-risk class. This rates the potential losses from future performance at a medium low level, and poor market conditions could impact our capacity to pay you.

There is no specific recommended holding period for the product. The actual risk can vary significantly and you may get back less. You may not be able to sell your product easily or you may have to sell at a price that significantly impacts on how much you get back. The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. Be aware of currency risk. BEPIF is denominated in Euro (EUR). You may receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. This investment involves a high degree of risk and should only be made if an investor can afford the loss of its entire investment. There are no guarantees or assurances regarding the achievement of investment objectives or performance. This product does not include any protection from future market performance so you could lose some or all of your investment. If we are not able to pay you what is owed, you could lose some or all of your investment.

In considering any investment performance information contained in the Materials, recipients should bear in mind that past or estimated performance is not necessarily indicative of future results and there can be no assurance that BEPIF will achieve comparable results, implement its investment strategy, achieve its objectives or avoid substantial losses or that any expected returns will be met.

  • Conflicts of Interest. There may be occasions when a Fund’s general partner and/or the investment advisor, and their affiliates will encounter potential conflicts of interest in connection with such Fund’s activities including, without limitation, the allocation of investment opportunities, relationships with Blackstone’s and its affiliates’ investment banking and advisory clients, and the diverse interests of such Fund’s limited partner group. There can be no assurance that the Sponsor will identify, mitigate, or resolve all conflicts of interest in a manner that is favorable to the Partnership.
  • COVID-19. Certain countries have been susceptible to epidemics which may be designated as pandemics by world health authorities, most recently COVID-19. The outbreak of such epidemics, together with any resulting restrictions on travel or quarantines imposed, has had and will continue to have a negative impact on the economy and business activity globally (including in the countries in which the Fund invests), and thereby is expected to adversely affect the performance of the Fund’s investments. Furthermore, the rapid development of epidemics could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, presents material uncertainty and risk with respect to the Fund and the performance of its investments.
  • Diversification; Potential Lack Thereof. Diversification is not a guarantee of either a return or protection against loss in declining markets. The number of investments which a Fund makes may be limited, which would cause the Fund’s investments to be more susceptible to fluctuations in value resulting from adverse economic or business conditions with respect thereto. There is assurance that any of the Fund’s investments will perform well or even return capital; if certain investments perform unfavorably, for the Fund to achieve above-average returns, one or a few of its investments must perform very well. There is no assurance that this will be the case. In addition, certain geographic regions and/or industries in which the Fund is heavily invested may be more adversely affected from economic pressures when compared to other geographic regions and/or industries.
  • Forward Looking Statements. Certain information contained in the Materials constitutes “forward looking statements,” which can be identified by the use of forward looking terminology or the negatives thereof. These may include financial estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, and statements regarding future performance. Such forward‐looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. Blackstone believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10‐K for the fiscal year ended December 31, 2020 and any such updated factors included in its periodic filings with the Securities and Exchange Commission, which are accessible on the SEC’s website at These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Materials and in the filings Blackstone undertakes no obligation to publicly update or review any forward‐looking statement, whether as a result of new information, future developments or otherwise.
  • Highly Competitive Market for Investment Opportunities. The activity of identifying, completing and realizing attractive investments is highly competitive, and involves a high degree of uncertainty. There can be no assurance that a Fund will be able to locate, consummate and exit investments that satisfy its objectives or realize upon their values or that a Fund will be able to fully invest its committed capital. There is no guarantee that investment opportunities will be allocated to a Fund and or that the activities of Blackstone’s other funds will not adversely affect the interests of such Fund.
  • Illiquidity and Variable Valuation. There is no organized secondary market for investors’ interests in any Fund nor is there an organized market for which to sell a Fund’s underlying illiquid investments, and none is expected to develop. Withdrawal and transfer of interests in a Fund are subject to various restrictions, and similar restrictions will apply in respect of the Fund’s underlying investments. Further, the valuation of a Fund’s investments will be difficult, may be based on imperfect information and is subject to inherent uncertainties, and the resulting values may differ from values that would have been determined had a ready market existed for such investments, from values placed on such investments by other investors and from prices at which such investments may ultimately be sold.
  • Leverage Borrowings Under a Subscription Facility. A Fund may use leverage, and a Fund may utilize borrowings from Blackstone Inc or under its subscription based credit facility in advance of or in lieu of receiving investors’ capital contributions. The use of leverage or borrowings magnifies investment, market and certain other risks and may be significant. A Fund’s performance will be affected by the availability and terms of any leverage as such leverage will enhance returns from investments to the extent such returns exceed the costs of borrowings by such Fund. The leveraged capital structure of such assets will increase their exposure to certain factors such as rising interest rates, downturns in the economy, or deterioration in the financial condition of such assets or industry. In the event an investment cannot generate adequate cash flow to meet its debt service, a Fund may suffer a partial or total loss of capital invested in the investment, which may adversely affect the returns of such Fund. In the case of borrowings used in advance of or in lieu of receiving investors’ capital contributions, such use will result in higher or lower reported returns than if investors’ capital had been contributed at the inception of an investment because calculations of returns to investors are based on the payment date of investors’ capital contributions. In addition, because a Fund will pay all expenses, including interest, associated with the use of leverage or borrowings, investors will indirectly bear such costs.
  • Material, Non-Public Information. In connection with other activities of Blackstone, certain Blackstone personnel may acquire confidential or material non-public information or be restricted from initiating transactions in certain securities, including on a Fund’s behalf. As such, a Fund may not be able to initiate a transaction or sell an investment. In addition, policies and procedures maintained by Blackstone to deter the inappropriate sharing of material non-public information may limit the ability of Blackstone personnel to share information with personnel in Blackstone’s other business groups, which may ultimately reduce the positive synergies expected to be realized by a Fund as part of the broader Blackstone investment platform.
  • No Assurance of Investment Return. Prospective investors should be aware that an investment in a Fund is speculative and involves a high degree of risk. There can be no assurance that a Fund will achieve comparable results, implement its investment strategy, achieve its objectives or avoid substantial losses or that any expected returns will be met (or that the returns will be commensurate with the risks of investing in the type of transactions described herein). The portfolio companies in which a Fund may invest (directly or indirectly) are speculative investments and will be subject to significant business and financial risks. A Fund’s performance may be volatile. An investment should only be considered by sophisticated investors who can afford to lose all or a substantial amount of their investment. A Fund’s fees and expenses may offset or exceed its profits.
  • Real Estate Investments. A Fund’s investments do and will consist primarily of real estate investments and real estate related investments. All real estate investments are subject to some degree of risk. For example, real estate investments are relatively illiquid and, therefore, will tend to limit Blackstone’s ability to vary a Fund’s portfolio promptly in response to changes in economic or other conditions. No assurances can be given that the fair market value of any real estate investments held by a Fund will not decrease in the future or that such Fund will recognize full value for any investment that such Fund is required to sell for liquidity reasons. Additionally, deterioration of real estate fundamentals generally may negatively impact the performance of a Fund.
  • Reliance on Key Management Personnel. The success of a Fund will depend, in large part, upon the skill and expertise of certain Blackstone professionals. In the event of the death, disability or departure of any key Blackstone professionals, the business and the performance of a Fund may be adversely affected. Some Blackstone professionals may have other responsibilities, including senior management responsibilities, throughout Blackstone and, therefore, conflicts are expected to arise in the allocation of such personnel’s time (including as a result of such personnel deriving financial benefit from these other activities, including fees and performance-based compensation).