Blackstone Real Estate Debt Strategies has completed its acquisition of a $1bn (£783m) performing senior mortgage loan portfolio from Deutsche Pfandbriefbank.
The portfolio comprises of 11 loans secured against operational multifamily residential, office and hospitality assets across the UK and US.
BREDS is acquiring the entire portfolio from Pbb on an all-cash basis.
Steve Plavin, senior managing director at BREDS, said: “We are excited to acquire this diversified portfolio of performing loans across property sectors and geographies, on behalf of our BREDS investors.
“We have established ourselves as a trusted counterparty for financial institutions, such as Pbb, as they look to optimise their balance sheets. This transaction reflects our expertise, strong relationships, and our ability to deploy scale capital with speed and certainty.”
Jones Day served as legal adviser to BREDS, while law firm King & Spalding acted for Pbb.
Photo © Taidgh Barron/ZUMA Press Wire/Shutterstock
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