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Blackstone Buys CalWest Debt

Blackstone Group has bought about $600 million in debt on a group of industrial properties, Reuters reported, citing a Bloomberg story. Blackstone bought the mezzanine debt on the U.S. portfolio CalWest from a number of financial institutions, including Barclays, Bloomberg reported.

(Reuters) – Blackstone Group LP (BX.N), the world’s largest private-equity firm, has bought about $600 million debt on a group of industrial properties to expand in the warehouse sector, Bloomberg reported, citing three people with knowledge of the deal.

Blackstone bought the mezzanine debt on the U.S. portfolio CalWest at discounted prices from several financial institutions, including Barclays Plc (BARC.L), which will help it gain control of the properties, Bloomberg said.

The properties total 23 million square feet, the news agency said.

Blackstone was not available for comment outside regular U.S. Business hours. (Reporting by Rachel Chitra in Bangalore)