Blackstone REIT Closes on GE Loan Portfolio


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The acquisition from GE Capital “effectively doubles the size of our asset base,” Nash said in April.

NEW YORK CITY—Blackstone Mortgage Trust said Monday it has closed on its acquisition of substantially all ofGE Capital Real Estate’s mortgage loan portfolio. With the loans valued at $4.8 billion, the portfolio includes commercial real estate debt held by a joint venture of GE Capital and Abu Dhabi-based Mubadala Development Co.

The sale of the GE/Mubadala JV to BXMT had been reported earlier this month; however, the REIT did not expressly identify the JV as a part of the GE Capital loan acquisition until Monday’s announcement that it had closed on the portfolio. In an SEC filing earlier this month, it made reference to “an additional $435.5 million of loan participation interests which are pari passu to related interests included in the loan portfolio.” Mubadala is seeking a buyer for the remainder of GE’s 50% stake in Mubadala GE Capital Ltd., Bloomberg Business reported two weeks ago…

Blackstone REIT Closes on GE Loan Portfolio

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