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Swedish pension fund sells 47-property, 4.5 million-square-foot global CRE portfolio for $2B

Despite an uncertain global economic environment, investors and lenders remain drawn to the commercial real estate safe havens of the United States and United Kingdom.

 

On behalf of Alecta, a Swedish occupational pension fund manager with approximately $85 billion under management,

JLL's Global Capital Markets experts completed the sale of a global portfolio comprised of 47 office, retail, multifamily and industrial assets across the U.S. and U.K.

 

Blackstone purchased the portfolio's 21 U.S. assets for $1.7 billion, and a global investment bank purchased all 26 assets in the U.K. for approximately $375 million.

 

JLL also secured acquisition financing on behalf of Blackstone. The Royal Bank of Canada provided a $799 million loan for the purchase of the U.S. office, retail and industrial assets. A government-sponsored enterprise provided a $93 million loan for the multifamily assets.

 

The portfolio includes locations in key gateway markets such as London, San Francisco, Washington, D.C. and Chicago and features a diverse range of high-profile tenants. The U.S. portfolio totals approximately 3 million square feet, and the UK portfolio totals 1.5 million square feet.

 

 

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