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New York

Blackstone picks up Mubadala-GE debt assets

Fund focuses on commercial real estate in the Middle East and Africa

Jonathan Gray
Jonathan Gray

Blackstone, the world’s largest private equity firm, is acquiring real estate debt assets from Mubadala GE Capital Ltd., a joint venture between Abu Dhabi investor Mubadala Development Co. and General Electric.

No valuation was given for the transaction, according to Bloomberg News. But the joint venture said in an emailed statement that the assets equal about 8 percent of the $8 billion fund, which was set up in 2008 to focus on commercial investments in the Middle East and Africa.

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The joint venture originally planned to reach about $40 billion in assets.

Reuters reported earlier this month that Mubadala is seeking buyers for its entire 50 percent stake in the venture.

Earlier this month, Blackstone hired Jonathan Pollack of Deutsche Bank to be its new CIO. [Bloomberg News] — Tess Hofmann

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