Blackstone Inc. has acquired a $1 billion mortgage portfolio from Deutsche Pfandbriefbank AG (PBB), a German real estate lender affected by fluctuations in the commercial real estate market.
This portfolio includes 11 loans secured against multifamily, office, and hospitality properties in the US and UK. According to Blackstone’s statement on Tuesday, its real estate debt strategies unit purchased the assets entirely with cash, though the exact payment details were not disclosed.
Bloomberg News had previously reported Blackstone’s interest in acquiring this portfolio.
This sale is part of PBB’s broader strategy to manage its balance sheet by divesting certain assets. PBB has been notably impacted by concerns that issues within the US commercial property market are affecting European banks.
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By Proptechbuzz
By Ravi Kumar