Blackstone completes first RE debt financing in Norway
Blackstone has made its first real estate debt financing transaction in Norway, after pledging a €320m (£274.4m) senior loan to Mark Capital Management to refinance a mixed-use retail and office portfolio in Oslo’s central business district.
The investment facility was provided by Blackstone Real Estate Debt Strategies (BREDS) on a five-year term.
It is believed to be the largest single-tranche refinancing of a real estate portfolio to have been completed in Norway.
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The portfolio includes 12 properties, all of which are managed by Promenaden, an Oslo-based entity wholly owned by a Mark-advised fund.
“The Promenaden portfolio represents Europe’s most concentrated set of luxury retail and Grade A office properties – effectively a compressed alternative to Bond Street in London or Via Monte Napoleone in Milan – and is Norway’s most prestigious high-end retail destination, located in the very heart of Oslo’s central business district,” said Marcus Meijer, chief executive of Mark Capital Management.
“These qualities have drawn the attention of major international investors, as the refinancing from Blackstone demonstrates.”
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“We are pleased to finance this high-quality portfolio for Mark and its partners,” said Stefano Tomaselli, managing director, BREDS.
“This transaction is a great example of BREDS’ ability to provide large financing solutions with both speed and certainty of execution.”
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