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Blackstone Property Partners Europe Holdings (BPPEH)

BPPEH invests in high-quality, substantially stabilised real estate assets across Europe.

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Investor Presentation

2025 Half Year Report

€11.2B

Gross asset value [ 1 ]

735

Assets

42%

Net LTV

BBB

S&P credit rating

Delivering for Investors

BPPEH Product Site (Loading Dock)

High conviction investing

BPPEH’s high-quality portfolio is well-positioned, supported by Blackstone Real Estate’s scale, insights, and expertise.

BPPEH - Building (Close Up)

Strong credit profile

Robust capital structure consisting primarily of fixed rate unsecured notes.

Latest Report

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Power of Blackstone

BPPEH is managed by Blackstone Real Estate, the world’s largest commercial real estate owner with a 30+ year proven track record of success across market cycles.

BPPEH is 100% owned by Blackstone Property Partners Europe, which is part of Blackstone’s Core+ investment strategy. Blackstone is the largest owner of commercial real estate globally.

Portfolio Snapshot

GAV by Sector [ 1 ][ 3 ]

Pie Chart: BBPEH Growth by Sector (February 2026) - Mobile - [Logistics, 61%. Residential, 20%. Office, 12%. Other, 7%] Pie Chart: BBPEH Growth by Sector (February 2026) - [Logistics, 61%. Residential, 20%. Office, 12%. Other, 7%]

GAV by Geography [ 1 ][ 4 ]

Pie Chart: BBPEH Growth by Geography (February 2026) - Mobile - [UK, 35%. Germany, 20%. France, 11%. Netherlands, 11%. Nordic, 9%. Italy, 6%. Poland, 3%. Ireland, 3%. Spain, 1%. Switzerland, <1%] Pie Chart: BBPEH Growth by Geography (February 2026) - [UK, 35%. Germany, 20%. France, 11%. Netherlands, 11%. Nordic, 9%. Italy, 6%. Poland, 3%. Ireland, 3%. Spain, 1%. Switzerland, <1%]

MTM opportunity [ 2 ]

17%

YoY NOI growth

7%

Learn More About BPPEH

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BPPEH Product Site (Loading Dock, with Freights)
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Important Disclosure Information

All metrics as of 30 June 2025. Vacant assets under redevelopment and a Milan office asset not actively being leased in advance of repositioning are excluded from operational metrics but included in GAV and number of properties. Minority Investments are excluded from operational metrics and number of properties but included in GAV. Totals may not sum due to rounding. 

Gross asset value calculated as the sum of (a) total market value of the properties under management, including the total value of related equity and debt positions, joint venture and co-investment ownership positions and (b) the market value of Minority Investments. The market value of Minority Investments is calculated as the percentage of the market value of the relevant asset equal to the Combined Group’s Minority Investment; calculated as of 30 June 2025 unless stated otherwise.
Represents the embedded growth potential between BPPEH’s in-place rents and achievable market rents. For residential, based on the lesser of legal rent constraint, where applicable, or market rate where regulation does not include a specific rent limit.
Other includes one leasehold interest in a 5-star hotel in central Milan, one development asset in central Milan and Minority Investments.
Nordics includes Sweden (6%), Denmark (3%), Norway (<1%) and Finland (<1%).