By Josh Beckerman
The real-estate platform of private-equity firm TPG has acquired
a 75% stake in a $2.5 billion loan portfolio from Deutsche Bank
AG's special situations group.
Deutsche Bank is retaining a 25% interest in the portfolio,
which consists of 57 loans for U.S. properties, including
apartments, offices, condominiums, hotels and industrial assets,
primarily in the New York and Los Angeles markets.
TPG has formed a new real-estate investment trust, TPG Real
Estate Finance Trust. Eleven origination and risk-management
professionals from the special situations group have joined the
REIT.
The Wall Street Journal reported in November that Deutsche Bank
was close to selling most of a $2 billion portfolio of commercial
real-estate loans to TPG. The deal was driven by an upswing in the
U.S. commercial real-estate market, which would allow Deutsche Bank
to post a profit on the sale, according to the report.
TPG's real-estate efforts have included the 2014 purchases of
real-estate services providers Cassidy Turley and DTZ by a
consortium that also includes PAG Asia Capital and Ontario
Teachers' Pension Plan.
Write to Josh Beckerman at josh.beckerman@wsj.com