Blackstone Buys $1 Billion Mortgage Portfolio From Germany’s PBB
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Blackstone Inc. has bought a $1 billion mortgage portfolio from Deutsche Pfandbriefbank AG as the German real estate lender grapples with the impact of volatile commercial real estate markets.
The portfolio comprises of 11 loans secured against performing multifamily, office and hospitality assets in the US and UK, Blackstone said in a statement on Tuesday. Its real estate debt strategies unit is acquiring the assets on an all-cash basis, Blackstone said, without disclosing what it is paying for the loans.