Blackstone Real Estate Debt Strategies (BREDS) today announced the closing of the acquisition of a $1.0 billion performing senior mortgage loan portfolio from leading 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 U.K. and U.S. 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 billion of real estate loans and securities since the inception of its real estate credit business. BREDS and Blackstone Real Estate Income Trust, Inc. (BREIT) recently completed the acquisition of a 20% stake in the $17 billion 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.
About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstones real estate business was founded in 1991 and has US $339 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, residential, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstones Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT), a U.S. non-listed REIT, and Blackstones European yield-oriented strategy. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).
About PBB
pbb is a leading European specialist in commercial real estate finance, with a strong positioning in green transition finance. As one of the largest issuers on the market, pbb is known for its expertise in the German Covered Bond. The Bank also takes overnight and term deposits from retail investors.
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