Blackstone, CPPIB Take $1.2 Billion Stake in Signature Bank Deal
- Firms also partner with Rialto in deal for property loans
- FDIC is maintaining an 80% stake in the joint venture
Photographer: Scott Eells/Bloomberg
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A joint venture that includes Blackstone Inc. and Canada Pension Plan Investment Board has won a stake in a nearly $17 billion portfolio of commercial-property loans from the failed Signature Bank.
The companies are also partnering with funds affiliated with Rialto Capital to acquire a 20% stake in the venture for $1.2 billion, according to a statement Thursday. The Federal Deposit Insurance Corp. is maintaining an 80% stake in the venture and providing financing equal to 50% of the value.