U.S. financial investment and asset management giant Blackstone has closed on the world's largest real estate investment trust that targets bargains in sectors such as rental housing, hospitality and data centers.

Blackstone said in a statement that it had raised $30 billion in a fund called Blackstone Real Estate Partners X. The company said in a statement that it has raised $30.4 billion for the fund, called Blackstone Real Estate Estate Partners X.

Blackstone said in a statement. <Bloomberg News reported that real estate has come under pressure over the past year due to a decline in commercial real estate financing loans as interest rates rose to record highs. At the same time, public REIT stocks have suffered due to growing market uncertainty, with concerns growing about certain types of real estate such as office buildings.

Cathleen said. <“The retreat of all forms of capital will create opportunities... We can use our capital and expertise to capitalize on the current moment for the benefit of our investors,” said Kathleen McCarthy, global co-head of the Blackstone Real Estate Fund.

Blackstone said its latest real estate fund is the most oversubscribed ever, cementing the company's position as a major force in the real estate market. Blackstone's real estate investment division, founded in 1991, manages $326 billion in funds.