Blackstone Group has purchased $600 million of debt on a portfolio of U.S. industrial properties, called CalWest, Bloomberg reports. Several financial institutions, including Barclays, have sold the mezzanine debt at discounted prices.
Walton Street Capital acquired the CalWest portfolio for $2.8 billion in April 2007 from a joint venture of the California Public Employees Retirement System and Deutsche Bank’s RREEF unit. The portfolio comprises warehouses and distribution centers near sea ports in Los Angeles, Seattle, Oregon and California.
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