Blackstone has one of the world's biggest pools of uninvested capital, CEO says. Here's where he sees opportunities.

• Blackstone CEO Stephen Schwarzman sees "very good buys" in Europe's real estate.
• The firm has one of the largest pools of uninvested capital, he told Bloomberg TV.

Blackstone CEO Stephen Schwarzman is eyeing investment opportunities as the asset management giant sits on a trove of fresh capital.

"We've gone through a big fundraising cycle. So we have over $200 billion dollars. It's one of the biggest pools of uninvested capital in the world, and that will be deployed in due course," he told Bloomberg TV on Monday, on the sidelines of the UK Global Investment Summit.

These funds will be aimed at Europe's real estate, Schwarzman said, as higher rates have put pressure on some owners to sell their properties.

The swing in rates overturned a long era of easy money. In some countries rates were even in the negative, but have since risen as high as 6%, Schwarzman said.

This means property owners need to shed some assets in order to afford costs on their other real estate holdings.

"So we're seeing some very, very good buys in that kind of environment," he said. "Unlike most people, we have enormous capital and can buy the types of real estate that we like — whether they're data centers, whether they're warehouses, whether they're student housing, for those sectors have done very well."

Already, Blackstone has spent $1.03 billion this month for unconstructed housing units from UK homebuilder Vistry, according to Fortune. It's also reached a $467 million deal on student housing in London and Edinburgh.

"The deal business is not totally in mothballs and these things start again," Schwarzman told Bloomberg TV. "I think we're more on that side of the cycle, although it has been somewhat dreary for a year."