Blackstone Group and Wells Fargo & Co., a provider of banking, mortgage and other financial services, will purchase approximately $600 million in loans on U.S. commercial property, The Wall Street Journal reports. The loans are being sold by Allied Irish Banks.
The debt is secured by a mix of hotels, office buildings and retail properties in several states. The two partners are buying the loans at a discount of 15 to 20 percent of face value. They did not reveal whether they would divide the debt or carry on as a joint venture. Blackstone Group is an alternative asset management and financial services company.
Click here for the story from The Wall Street Journal.
U.S. Wells Fargo Allied Irish Banks Blackstone Group Blackstone