The $409 billion sovereign wealth fund Chinese Investment Corp. (CIC) is buying a 12.5 percent stake in the £1.4 billion property loan portfolio in partnership with private equity firm Blackstone, PropertyEU reports. The portfolio, comprising 35 performing and non-performing loans, is being sold by the Royal Bank of Scotland (RBS).
CIC, which holds a 10 percent stake in Blackstone, will make an investment of approximately £50 million. The deal consists of nearly 60 percent of debt provided by RBS and other lenders. Blackstone will own a 25 percent stake, amounting to nearly £100 million, and CIC will take half this stake.
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