August 31, 2016
Blackstone Group LP appears to be the big winner in the bid to acquire $1.8 billion in U.S. CRE assets that are being sold by Alecta. Originally, Goldman Sachs Group Inc. won the right to acquire both portfolios of U.S. and U.K properties from the Swedish pension fund manager.
The U.S. portfolio of 22 mainly retail and office properties includes assets in California, Chicago and Washington, DC. Goldman Sachs is still planning to acquire the roughly $450-million U.K. portfolio.
The larger transaction fell apart during a week-long due diligence period, though what caused the dispute is unclear. Asset pricing reportedly contributed to the split.
JLL’s Peter Nicoletti is leading the team marketing the portfolios. The sale is expected to be wrapped up later this year or early in 2017.
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