Private equity property funds run by Blackstone and Morgan Stanley will pay A$640 million ($621 million) to acquire an A$1.9 billion portfolio of distressed property loans in Australia from a unit of Lloyds Banking Group, Reuters wrote on Friday. The firms will pay about 34 cents on the dollar for the distressed debt.
(Reuters) – Private equity property funds run by Blackstone and Morgan Stanley will pay A$640 million ($621 million) to acquire an A$1.9 billion portfolio of distressed property loans in Australia from a unit of Lloyds Banking Group, a source said on Friday.
The Blackstone Real Estate Property Fund VII and the Morgan Stanley Real Estate Fund VII, backed by financing from Deutsche Bank, are acquiring the distressed debt at around 34 cents on the dollar, the source said.
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