Blackstone Mortgage Trust, Inc., an REIT managed by BXMT Advisors L.L.C., a subsidiary of Blackstone, announced that it has completed the acquisition of substantially all of the GE Capital Real Estate mortgage loan portfolio. The sale of the GE/Mubadala JV to BXMT had been reported earlier this month; however, the REIT did not expressly identify the JV as a part of the GE Capital loan acquisition until Monday's announcement that it had closed on the portfolio, according to a GlobeSt.com report. In an SEC filing earlier this month, it made reference to "an additional $435.5 million of loan participation interests which are pari passu to related interests included in the loan portfolio."
Steve Plavin, BXMT's Chief Executive Officer, said, "I'm very pleased with our execution in closing the purchase of the GE loans. We have now acquired $4.8 billion of loans, including the participation interests from the Mubadala-GE joint venture. Because of the accelerated closing timeframe, the third quarter will now fully reflect the increased earnings power from these loans as well as the beneficial impact of greater scale and capital deployment on our ability to generate core earnings and dividends."
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