Blackstone closed this week on an $8 billion commercial real-estate debt fund, matching the record for this type of investment vehicle and offering another sign of a property-market rebound. 

The firm, which is one of the world’s largest commercial property owners, took about two years to raise the fund, which will be active in North America, Europe and Australia. Blackstone also raised the only other $8 billion real-estate debt fund, which closed in September 2020.