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Blackstone, Wells Fargo To Buy $600M Loans

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.

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.

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