Blackstone Grabs $1.7B Portfolio From Swedish Fund Alecta
Blackstone has officially bought Alecta's 4.5M SF portfolio of U.S. properties for $1.7B after a deal with Goldman Sachs fell through.
The purchase adds 21 assets to Blackstone’s arsenal, including premier properties in San Francisco, Chicago and Washington, DC, Commercial Property Executive reports. The private equity giant received $799M in financing from The Royal Bank of Canada and a $93M loan from a government-sponsored enterprise to secure the transaction.
JLL brought the deal home, also orchestrating financing for Blackstone. Experts said the transaction could represent a shift in the market as investment sales deals begin to gain ground in 2017 after falling behind last year.