Blackstone will buy £1.4 billion worth of high-risk U.K. commercial property loans from Royal Bank of Scotland (RBS), Financial Times reports. The private equity group will take a 25% stake in the loans and take over management of the assets.
The New York-based firm out bid bidders, including Lone Star Funds and Starwood Capital Group Global and Westbrook with KKR, adds Bloomberg. The portfolio comprises 30 loans backed by collateral, including auto showrooms, nursing homes, pubs and parking garages.
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