Blackstone Lends $368 Million for Luxury Oslo Property Portfolio
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Blackstone Inc.’s real estate debt business has refinanced a portfolio of properties on an Oslo shopping strip that’s lured the world’s biggest luxury brands, the largest such loan ever provided in Norway.
Blackstone Real Estate Debt Strategies issued a facility of about 3.6 billion krone ($368 million) secured against the portfolio that is owned by private equity firm MARK Capital Management, according to a statement Wednesday. It is the first time Blackstone has lent against Norwegian real estate and underscores the increasing competition from alternative debt capital providers in Nordic real estate, a region traditionally dominated by local banks.