Blackstone Real Estate Debt Strategies (BREDS) has acquired a $1.0 bn (€0.92 bn) performing senior mortgage loan portfolio from German lender, Deutsche Pfandbriefbank (Pbb).
The portfolio of senior mortgage loans was originated by Pbb.
The portfolio comprises 11 loans secured against performing multifamily, office and hospitality assets across the UK and US. The loans are backed by cash-flowing, well-located assets with experienced borrowers. BREDS is acquiring the entire portfolio on an all-cash basis.
Steve Plavin, senior managing director, 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.'
Blackstone is the largest owner of commercial real estate globally and has originated or acquired more than $190 bn of real estate loans and securities since the inception of its real estate credit business.
BREDS and Blackstone Real Estate Income Trust (BREIT) recently completed the acquisition of a 20% stake in the $17 bn Signature Bank commercial real estate debt portfolio.
The 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.
Jones Day served as legal adviser to BREDS. King & Spalding served as legal adviser to Pbb.
