Blackstone, Canada Pension Plan in $1.2 Billion Joint Venture With FDIC
15 Dicembre 2023 - 12:24AM
Dow Jones News
By Stephen Nakrosis
Two units of Blackstone Real Estate Debt Strategies, Blackstone
Real Estate Income Trust, Canada Pension Plan Investment Board and
funds affiliated with Rialto Capital on Thursday entered a newly
formed joint venture with the Federal Deposit Insurance Corp.
The groups paid $1.2 billion for a 20% equity interest in the
JV, the FDIC said.
The FDIC will retain an 80% ownership in the JV, SIG CRE 2023
Venture LLC, which holds a $16.8 billion senior mortgage loan
portfolio that was retained in receivership after the failure of
Signature Bank, the agency said. The FDIC also said it will provide
financing equal to 50% of the venture's value.
"The commercial real estate loan portfolio comprises more than
2,600 first mortgage loans on retail, market rate multifamily and
office properties primarily located in the New York metropolitan
area," Blackstone said. It added that about 90% of the loans are
"fixed rate with low in-place coupons and strong in-place debt
service coverage."
Canada Pension Plan Investment Board is participating through
its subsidiary CPPIB Credit Investments III Inc.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
December 14, 2023 18:09 ET (23:09 GMT)
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