Blackstone European Property Income Fund (BEPIF)
Managed by Blackstone
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Blackstone European Property Income Fund (BEPIF)
Key Statistics
Fund Size
€500M
Target Return
8.9%
Annualized Return
-3.8%
Launch Year
2021
Min. Investment
€25,000
Availability
Open through selected distributors
Structure
SICAV (UCI Part II)
Product Category
Open-end
Domicile
Luxembourg
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
1.25%
Carry
12.5% of total return over 5% hurdle, high-water mark, 100% catch-up
Hurdle Rate
5%
High Water Mark
Yes
Catch-Up Mechanism
100% catch-up
ISIN
LU2339811098
Currencies
EUR
Investor Eligibility
Retail
Liquidity Options
Monthly redemptions
Highlights
Key Information Document (KID) – EU Funds
KID Risk Indicator
4 out of 7
Annual Returns (KID Scenarios)
Stressed
-5.2%
Moderate
6.7%
Favorable
8.9%
Average Total Cost Level (KID)
2.1%
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Historical Performance
Performance Summary
Class A-A EUR (accumulating, advisory; 0.75% servicing fee) — Performance from 2021-10-01 to 2026-08-31
NAV: EUR 8.25
Performance Comparison
MTD
0.3%
Year to Date
2.6%
1-Year Return
3.5%
Annualized Since Inception
-3.8%
Monthly Total Returns
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.2 | 0.2 | 0.3 | — | — | — | — | 2.6 |
| 2025 | -1.4 | 0.2 | 0.7 | — | 0.2 | — | — | 0.1 | 0.5 | 0.1 | — | 0.3 | 0.7 |
| 2024 | -4.4 | 0.3 | — | 0.2 | 0.1 | — | -1.1 | -0.3 | -0.7 | -0.4 | -0.3 | -0.1 | -6.5 |
| 2023 | -0.8 | 0.9 | -1.1 | 0.2 | 0.8 | 0.2 | -1.3 | -2.6 | -4.3 | -3.4 | -4.9 | -6.3 | -20.6 |
| 2022 | 1.6 | 0.8 | 2.3 | 0.7 | 0.4 | 0.7 | — | 0.7 | 0.3 | 0.2 | -4.9 | -1.6 | 0.9 |
| 2021 | — | — | — | — | — | — | — | — | — | 3.8 | 1.6 | 1.1 | 6.7 |
Historical NAV Per Share
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 8.08 | 8.1 | 8.13 | 8.17 | 8.19 | 8.21 | 8.23 | 8.25 | — | — | — | — |
| 2025 | 7.88 | 7.9 | 7.95 | 7.95 | 7.96 | 7.96 | 7.96 | 7.97 | 8.01 | 8.02 | 8.02 | 8.04 |
| 2024 | 8.17 | 8.19 | 8.19 | 8.21 | 8.22 | 8.22 | 8.13 | 8.11 | 8.05 | 8.02 | 8 | 7.99 |
| 2023 | 10.67 | 10.77 | 10.66 | 10.68 | 10.77 | 10.79 | 10.65 | 10.36 | 9.92 | 9.58 | 9.12 | 8.54 |
| 2022 | 10.84 | 10.92 | 11.17 | 11.25 | 11.29 | 11.37 | 11.37 | 11.45 | 11.48 | 11.51 | 10.94 | 10.76 |
| 2021 | — | — | — | — | — | — | — | — | — | 10.38 | 10.55 | 10.67 |
Class A-D EUR (distributing, advisory; 0.75% servicing fee) — Performance from 2021-10-01 to 2026-08-31
NAV: EUR 7.06
Performance Comparison
MTD
0.3%
Year to Date
2.6%
1-Year Return
3.4%
Annualized Since Inception
-3.6%
Monthly Total Returns
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.2 | 0.2 | 0.3 | — | — | — | — | 2.6 |
| 2025 | -1.4 | 0.2 | 0.7 | — | 0.2 | — | — | 0.1 | 0.5 | 0.1 | — | 0.3 | 0.6 |
| 2024 | -4.4 | 0.3 | — | 0.2 | 0.1 | — | -1.1 | -0.3 | -0.7 | -0.4 | -0.3 | -0.1 | -6.4 |
| 2023 | -0.8 | 0.9 | -1.1 | 0.2 | 0.8 | 0.2 | -1.3 | -2.6 | -4.3 | -3.4 | -4.9 | -6.3 | -20.2 |
| 2022 | 1.6 | 0.8 | 2.3 | 0.7 | 0.4 | 0.7 | — | 0.7 | 0.3 | 0.2 | -4.9 | -1.6 | 1 |
| 2021 | — | — | — | — | — | — | — | — | — | 3.8 | 1.6 | 1.1 | 6.7 |
Historical NAV Per Share
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 7.07 | 7.07 | 7.07 | 7.08 | 7.08 | 7.07 | 7.06 | 7.06 | — | — | — | — |
| 2025 | 7.17 | 7.17 | 7.19 | 7.17 | 7.15 | 7.13 | 7.11 | 7.09 | 7.1 | 7.09 | 7.06 | 7.06 |
| 2024 | 7.72 | 7.71 | 7.69 | 7.68 | 7.67 | 7.65 | 7.54 | 7.5 | 7.42 | 7.37 | 7.32 | 7.3 |
| 2023 | 10.38 | 10.46 | 10.32 | 10.32 | 10.38 | 10.38 | 10.22 | 9.92 | 9.48 | 9.13 | 8.66 | 8.09 |
| 2022 | 10.81 | 10.88 | 11.1 | 11.15 | 11.17 | 11.22 | 11.21 | 11.26 | 11.27 | 11.27 | 10.69 | 10.49 |
| 2021 | — | — | — | — | — | — | — | — | — | 10.38 | 10.55 | 10.67 |
Class I-A EUR (accumulating, institutional/fee-based accounts) — Performance from 2021-10-01 to 2026-08-31
NAV: EUR 8.56
Performance Comparison
MTD
0.3%
Year to Date
3.1%
1-Year Return
4.3%
Annualized Since Inception
-3.1%
Monthly Total Returns
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.5 | 0.4 | 0.4 | 0.5 | 0.4 | 0.3 | 0.3 | 0.3 | — | — | — | — | 3.1 |
| 2025 | -1.3 | 0.3 | 0.7 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.5 | 0.2 | 0.1 | 0.4 | 1.4 |
| 2024 | -4.3 | 0.3 | 0.1 | 0.2 | 0.2 | 0.1 | -1 | -0.3 | -0.6 | -0.3 | -0.3 | — | -5.7 |
| 2023 | -0.8 | 1 | -1 | 0.3 | 0.9 | 0.2 | -1.2 | -2.6 | -4.2 | -3.4 | -4.8 | -6.2 | -20 |
| 2022 | 1.7 | 0.8 | 2.3 | 0.7 | 0.4 | 0.7 | 0.1 | 0.8 | 0.3 | 0.3 | -4.9 | -1.6 | 1.6 |
| 2021 | — | — | — | — | — | — | — | — | — | 3.9 | 1.7 | 1.2 | 6.9 |
Historical NAV Per Share
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 8.34 | 8.38 | 8.41 | 8.45 | 8.49 | 8.51 | 8.53 | 8.56 | — | — | — | — |
| 2025 | 8.08 | 8.1 | 8.16 | 8.17 | 8.19 | 8.19 | 8.2 | 8.21 | 8.25 | 8.27 | 8.27 | 8.3 |
| 2024 | 8.31 | 8.34 | 8.35 | 8.37 | 8.38 | 8.39 | 8.31 | 8.28 | 8.24 | 8.21 | 8.19 | 8.19 |
| 2023 | 10.78 | 10.89 | 10.78 | 10.81 | 10.9 | 10.93 | 10.79 | 10.51 | 10.07 | 9.73 | 9.27 | 8.69 |
| 2022 | 10.87 | 10.96 | 11.21 | 11.3 | 11.35 | 11.43 | 11.44 | 11.53 | 11.57 | 11.6 | 11.04 | 10.86 |
| 2021 | — | — | — | — | — | — | — | — | — | 10.39 | 10.56 | 10.69 |
Class I-D EUR (distributing, institutional/fee-based accounts) — Performance from 2021-10-01 to 2026-08-31
NAV: EUR 7.07
Performance Comparison
MTD
0.3%
Year to Date
3.1%
1-Year Return
4.2%
Annualized Since Inception
-2.8%
Monthly Total Returns
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.5 | 0.4 | 0.4 | 0.5 | 0.4 | 0.3 | 0.3 | 0.3 | — | — | — | — | 3.1 |
| 2025 | -1.3 | 0.3 | 0.7 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.5 | 0.2 | 0.1 | 0.4 | 1.4 |
| 2024 | -4.3 | 0.3 | 0.1 | 0.2 | 0.2 | 0.1 | -1 | -0.3 | -0.6 | -0.3 | -0.3 | — | -5.7 |
| 2023 | -0.8 | 1 | -1 | 0.3 | 0.9 | 0.2 | -1.2 | -2.6 | -4.2 | -3.4 | -4.8 | -6.2 | -19.5 |
| 2022 | 1.7 | 0.8 | 2.3 | 0.7 | 0.4 | 0.7 | 0.1 | 0.8 | 0.3 | 0.3 | -4.9 | -1.6 | 1.8 |
| 2021 | — | — | — | — | — | — | — | — | — | 3.9 | 1.7 | 1.2 | 6.9 |
Historical NAV Per Share
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 7.08 | 7.08 | 7.08 | 7.09 | 7.09 | 7.08 | 7.07 | 7.07 | — | — | — | — |
| 2025 | 7.18 | 7.18 | 7.2 | 7.18 | 7.17 | 7.14 | 7.12 | 7.1 | 7.11 | 7.1 | 7.08 | 7.07 |
| 2024 | 7.73 | 7.73 | 7.71 | 7.7 | 7.68 | 7.66 | 7.56 | 7.51 | 7.44 | 7.38 | 7.34 | 7.31 |
| 2023 | 10.4 | 10.48 | 10.34 | 10.34 | 10.4 | 10.4 | 10.24 | 9.94 | 9.49 | 9.15 | 8.68 | 8.11 |
| 2022 | 10.84 | 10.9 | 11.12 | 11.17 | 11.19 | 11.24 | 11.23 | 11.28 | 11.29 | 11.29 | 10.71 | 10.51 |
| 2021 | — | — | — | — | — | — | — | — | — | 10.39 | 10.56 | 10.69 |
Information about fund
BEPIF at a Glance
Blackstone European Property Income Fund (BEPIF) is the European counterpart to Blackstone's US real estate income trust, built for individual investors outside the United States. Investors buy shares in BEPIF SICAV, a euro-denominated Luxembourg Part II fund that feeds a master fund holding 80 properties across Europe, two thirds of them logistics. At 31 August 2026 the programme's net asset value was EUR 1.3 billion, of which EUR 0.5 billion sat in BEPIF SICAV. Dealing is monthly, with fund-wide redemption limits, and the minimum subscription is EUR 25,000 (EUR 100,000 for non-professional investors in the Netherlands).
Key Figures
Programme NAV
EUR 1.3B
EUR 0.5B in BEPIF SICAV; GAV EUR 2.7B, 31 Aug 2026
Properties
80
94% occupancy; 66% logistics by GAV
Loan to Value
29.9%
Leverage limit 55% of gross asset value
Return Since Inception
-3.8% p.a.
Class A-A, Oct 2021 to Aug 2026, net; I-A -3.1%
Last 12 Months
3.5%
Class A-A net return, Sep 2025 to Aug 2026; I-A 4.3%
Minimum
EUR 25,000
EUR 100,000 for non-professionals in the Netherlands
Terms & Liquidity
| Legal Structure | BEPIF Feeder SICAV - I, Luxembourg Part II SICAV (S.A.), feeder into BEPIF (Master) FCP; CSSF-authorised |
| Manager | AIFM Blackstone Europe Fund Management S.a r.l.; investment manager Blackstone Property Advisors L.P.; depositary CACEIS Bank, Luxembourg Branch |
| Share Classes / ISIN | A-A LU2339811098, A-D LU2339810959 (0.75% servicing fee); I-A LU2339810876, I-D LU2339810793 |
| Fees | Management fee 1.25% of NAV; 12.5% performance participation over 5% hurdle with high-water mark; AIFM fee about 0.05%; KID cost impact 2.1% a year (A-A), 1.3% (I-A) |
| Subscriptions | Monthly at prior month-end NAV; EUR 25,000 minimum, EUR 1,000 top-ups; intermediaries may charge up to 3.5% |
| Redemptions | Monthly at month-end NAV; fund-wide cap 2% of NAV per month and 5% per quarter; 5% deduction within the first year; payment generally within 60 days |
| Distributions | Monthly for D classes at the board's discretion; trailing 12-month yield 4.0% (A-D), 4.7% (I-D) |
| Risk / SFDR | SRI 4 of 7 (illustrative 8-year holding period); SFDR Article 8 |
Leadership
James Seppala
Chairman of BEPIF; Head of Real Estate Europe
Abhishek Agarwal
Director; Head of Core+ EMEA and APAC
Farhad Karim
Director; COO, Blackstone Private Wealth
Points to weigh. BEPIF's record includes a deep drawdown: class A-A lost 20.6% in 2023 and 6.5% in 2024, and its NAV remains well below the EUR 10.00 launch price. Liquidity is limited by design, with fund-wide caps of 2% of NAV per month and 5% per quarter and a 5% haircut on shares sold within a year. The portfolio is concentrated in logistics and in the UK, Germany and Ireland, uses borrowing, and relies on appraisals rather than market prices. Total costs of 2.1% a year for the advisory class, plus any intermediary entry fee, weigh on returns. In the Netherlands the fund is open to non-professional investors only from EUR 100,000.
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